SOCAR and Sinopec Corp. sign strategic cooperation MoU
- A memorandum of understanding on strategic cooperation was signed in Shanghai between SOCAR and China Petroleum & Chemical Corporation (Sinopec Corp.).
- The document was signed by SOCAR Vice President Fuad Musayev and Sinopec Vice President Li Yuxing.
- The MoU aims to develop cooperation in procurement and supply chain management.
- Planned activities include exchanging supplier-resource information, developing supply chain management strategies, sharing best practices, and exploring integration of products, equipment and services, plus other mutually agreed areas.
Deal overview
A memorandum of understanding on strategic cooperation was signed between SOCAR and China Petroleum & Chemical Corporation (Sinopec Corp.) in Shanghai, People’s Republic of China.
Signatories
The document was signed by SOCAR Vice President Fuad Musayev and Li Yuxing, Vice President of Sinopec Corp.
Scope of cooperation
The Memorandum aims to develop cooperation 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.
Source: SOCAR