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SOCAR and JBIC sign a Memorandum of Understanding on the promotion of cooperation in the field of decarbonization


17/05/2023

On May 16, 2023, at the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) held in the Republic of Uzbekistan, a Memorandum of Understanding on the promotion of cooperation in the field of decarbonization was signed between the State Oil Company of the Republic of Azerbaijan (SOCAR) and the Japan Bank for International Cooperation (JBIC).

The memorandum envisages promoting cooperation between SOCAR and Japanese companies to accelerate the implementation of projects that contribute to reducing carbon emissions. Under the partnership, the companies will exchange information on implementing low-carbon technologies, including CCS (carbon capture and storage) and CCUS (carbon capture, use, and storage), hydrogen, and ammonia projects, in line with the global trend towards decarbonization.

SOCAR and Japanese companies will cooperate in developing cooperation and accelerating the implementation of projects that will contribute to carbon dioxide reduction and environmental improvement.