SOCAR and Foster Wheeler establish joint venture

The State Oil Company of Azerbaijan (SOCAR) and the Swiss company Foster Wheeler have signed a memorandum of understanding today. It involves the establishment of a joint venture on the material and technical base of the Neftqazelmitedqiqatlayihe Institute, Trend reports.

The document was signed by the SOCAR vice president for strategic development, Tofiq Gahramanov, and Foster Wheeler's Chief Executive Director, Marco Marescaux.

The new company's main purpose is to participate in designing, engineering, logistics, procurement, construction and project management in Azerbaijan, the region and other countries. It was stressed that Foster Wheeler has rich experience and great potential in this area.

Foster Wheeler plans to organize future courses for Azerbaijani specialists in Italy as part of the memorandum. This cooperation will study best practices and develop SOCAR's staff potential.