The State Oil Company of Azerbaijan (SOCAR) and Yokogawa Electric Corporation signed a Memorandum of Understanding on cooperation, “Caspian Energy Media” reports.

The document was signed during a meeting between SOCAR President Rovshan Najaf and Seita Hagihara, who is both the president of Yokogawa Europe B.V. and vice president of Yokogawa Electric Corporation.

The memorandum envisions expanding cooperation between the companies. According to the document, the parties will collaborate on production optimization, energy efficiency improvement, decarbonization activities, emissions reduction, as well as digitalization and other areas, and will explore opportunities for joint project implementation.