[Haichuan Overseas Engineering] Sinopec Refining & Chemical Engineering signs a framework cooperation agreement with Azerbaijan

Thread Content

According to AZERTAC, the Azerbaijani news agency, on November 7, Rovshan Najaf, president of Azerbaijan’s SOCAR company, met with Zhang Xinming, director and general manager of Sinopec Refining & Chemical Engineering (Group) Co., Ltd. (SEG). After the talks, the two sides signed a framework agreement on cooperation. During the talks, both sides emphasized the successful development of Azerbaijan’s relations with China in various fields, including the energy sector, and expressed appreciation for the existing cooperation between SOCAR and Chinese companies. The two sides exchanged views on oil and gas refining, petrochemicals, digitalization, energy transition, the application of modern refining technologies, and other issues of common concern. Reports indicate that energy cooperation between Azerbaijan and China covers a wide range of projects related to both traditional and renewable energy sources; in recent years, significant progress has been made in areas such as solar and wind energy projects, the modernization of power grid infrastructure, as well as green hydrogen and battery storage technologies. The partnership between the two countries is part of China’s Belt and Road Initiative, making full use of Azerbaijan’s strategic location in the Central Corridor to connect global energy markets. Azerbaijan is bordered by the Caspian Sea and has abundant reserves of oil and natural gas. The proven oil reserves amount to 4 billion tons, while the proven natural gas reserves are 2.55 trillion cubic meters. The oil and gas industry is the pillar industry of the country.