Azerbaijan’s state oil company SOCAR and Japan’s Itochu Oil Exploration Co., Ltd. signed a memorandum of understanding on scientific and technical cooperation, said a message on SOCAR website.
According to the message, the MoU was signed during a meeting with the Japanese delegation which arrived in Baku to participate in the ninth meeting of the Azerbaijan-Japan Economic Cooperation Committee.
SOCAR Vice-President for Strategic Development Yashar Latifov stressed that Japanese companies are among the most reliable partners of Azerbaijan in the oil and gas sector, the message said.
Latifov recalled that Itochu joined the Contract of the Century in 1996 and it has been successfully cooperating with SOCAR for 20 years.
Head of the Japanese delegation, Vice Chairman of Itochu Corporation Yoichi Kobayashi said that favorable geographical location of Azerbaijan increases the country’s role as a new energy hub.
Kobayashi said that Japanese companies are interested in expanding cooperation in oil and gas production, trading and other areas, the message said.