Azerbaijan’s state oil company SOCAR has signed a memorandum with China’s Sinopec Corp. in Shanghai on strategic cooperation in procurement and supply chain management. The document is aimed at developing cooperation between the two companies in this area.
The SOCAR-Sinopec memorandum was signed by SOCAR Vice-President Fuad Musayev and Sinopec Corp. Vice-President Li Yuxing. According to information released by SOCAR, the agreement provides for the exchange of information on supplier resources and the development of joint supply chain management strategies between the two companies.
Under the agreement, the two sides will also share expertise and best practices, and explore ways to integrate each other’s products, equipment and services into their respective procurement systems. The document leaves room for expanding cooperation into other areas in the future by mutual agreement.
About Sinopec Corp.
Sinopec Corp. is considered one of China’s largest integrated energy and chemical enterprises. Its operations span oil and gas exploration, production, refining, transportation, sales, petrochemical manufacturing, as well as technological research and application in the energy and chemical sectors.
The company was established on February 25, 2000, and its shares began trading on the Hong Kong, New York and London stock exchanges in October of the same year. In August 2001, the company’s shares were also listed on the Shanghai Stock Exchange.
Sinopec Corp. comprises more than 100 subsidiaries and branch companies engaged in oil and gas exploration, refining, chemical production, marketing, research and development, and foreign trade. Its main production facilities and sales markets are located in China’s eastern, southern and central provinces.
Sinopec Corp.’s largest shareholder is China Petrochemical Corporation (Sinopec Group), a state-owned entity established in 1998. The group serves as one of the state’s investment and management vehicles.
