SOCAR & JBIC sign Memorandum of Understanding [PHOTOS]

The State Oil Company of the Republic of Azerbaijan and the Japan Bank for International Cooperation (JBIC) signed a Memorandum of Understanding on the promotion of cooperation in the field of decorabonization at the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) held in Uzbekistan, Azernews reports, citing SOCAR.

The memorandum envisages the promotion of cooperation between SOCAR and Japanese companies in order to accelerate the implementation of projects that contribute to the reduction of carbon emissions. Under the partnership, the companies will exchange information on the implementation of 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 work together to develop cooperation and accelerate the implementation of projects that will contribute to carbon dioxide reduction and environmental improvement.