Memorandum of Understanding on Strategic Cooperation was signed between SOCAR and China Petroleum & Chemical Corporation (Sinopec Corp.) in Shanghai, People's Republic of China.
The document was signed by SOCAR Vice President Fuad Musayev and Li Yuxing, Vice President of Sinopec Corp.
The Memorandum aims to develop cooperation between the companies in procurement and supply chain management.
Under the document, the parties will cooperate in exchanging information on supplier resources and developing supply chain management strategies.
The Memorandum also envisages the exchange of experience and best practices between the companies, exploring opportunities to integrate each other's products, equipment and services into their respective procurement and supply chains, as well as cooperation in other areas to be mutually agreed upon.