Azerbaijan’s state oil company, SOCAR, and China’s CITIC Construction Co., Ltd. have entered into a framework agreement to investigate potential collaboration opportunities.

Source: Trend

The agreement was formalized on January 28 during a meeting between SOCAR President Rovshan Najaf and CITIC Construction Chairman Yang Jianqiang.

During their discussions, the two parties reflected on their successful previous collaborations and examined possible joint projects in energy infrastructure, downstream operations, and potential joint ventures.

SOCAR also provided insights into its ongoing projects both in Azerbaijan and internationally, along with its strategic corporate objectives.

In addition to its core engineering business, the company is broadening its service offerings to include a wide array of value-added services. Leveraging the extensive advantages of its parent company, CITIC Group—which spans six major sectors including finance, resources and energy, manufacturing, engineering contracting, real estate, and infrastructure—the company provides clients with financial, consulting, and various CITIC-branded services that feature efficient and cost-effective solutions.

To date, CITIC Construction has established branches in numerous countries, including Algeria, Angola, Venezuela, Brazil, Argentina, Uzbekistan, Kazakhstan, Belarus, South Africa, Kenya, Myanmar, and several other international markets.