SOCAR, Japan Bank for International Cooperation ink Memorandum of Understanding

The State Oil Company of Azerbaijan (SOCAR) and the Japan Bank for International Cooperation (JBIC) signed a Memorandum of Understanding on the promotion of cooperation in decarbonization at the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) held in Uzbekistan, Report informs, referring to SOCAR.

The memorandum envisages the promotion of cooperation between SOCAR and Japanese companies to accelerate the implementation of projects that contribute to the reduction of carbon emissions. Under the partnership, the companies will exchange information on the application 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 over 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.