BAKU, Azerbaijan, November 9. Memorandum of Understanding on Strategic Cooperation was signed between SOCAR and China Petroleum & Chemical Corporation (Sinopec Corp.) in Shanghai, People's Republic of China.
According to SOCAR, 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.
Sinopec Corp. is one of China's largest integrated energy and chemical companies. Its operations cover oil and gas exploration, production, processing, transportation and sales, petrochemical manufacturing, as well as research and application of technologies in the energy and chemical industries.
Founded on February 25, 2000, the company's shares were listed on the Hong Kong, New York and London stock exchanges in October of that year, followed by the Shanghai Stock Exchange in August 2001.
The company has more than 100 subsidiaries and affiliated entities operating in oil and gas exploration and production, oil refining, the chemical industry, marketing, research and development, and foreign trade. Its main production assets and markets are located in China's eastern, southern and central regions.
Sinopec Corp.'s largest shareholder is the state-owned China Petrochemical Corporation (Sinopec Group), established in 1998. Sinopec Group operates as a state-owned investment and management entity.
