Azerbaijan’s Economy Minister meets with President of Samsung E&A Co., Ltd.
Baku, February 25, AZERTAC
Mikayil Jabbarov, Azerbaijan’s Minister of Economy, met with Hong Namkoong, President and Chief Executive Officer of Samsung E&A Co., Ltd.
During the meeting, the sides explored prospects for joint activities in the energy sector.
Minister Jabbarov briefed the Samsung representative on Azerbaijan’s economic priorities, favorable business, and investment climate. The meeting also highlighted Azerbaijan’s efforts to integrate the country’s economy into the world economy and the global value chain, as well as opportunities for cooperation.
The parties also explored the energy partnership.
On the sidelines of the meeting, a Memorandum of Understanding was signed between SOCAR and “SAMSUNG E&A Co., Ltd.”. The document also envisages exploring potential areas of cooperation, including improving the efficiency of energy assets, exploring opportunities to utilize local firms in overseas projects, discussing the potential establishment of a Regional industrial and supply center, and supporting decarbonization initiatives, subject to further discussions and separate agreements between the parties.
The implementation of the agreement is of high importance in terms of integrating local companies into the global value chain.
“SAMSUNG E&A Co., Ltd.,” an affiliate of the “Samsung Group” - one of the world’s largest transnational conglomerates - is a global engineering, procurement, and construction (EPC) contractor. The company provides integrated services, including feasibility studies (FS), detailed engineering, procurement, construction, commissioning, and project management. “SAMSUNG E&A Co., Ltd.” designs and implements oil and gas processing plants, oil refining and petrochemical complexes, gas processing facilities, and associated infrastructure facilities in the field of hydrocarbons and energy infrastructure. The company has extensive experience in large-scale projects in the Middle East, Asia, and other strategic energy markets.
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