Japanese ITOCHU seeks broader cooperation with SOCAR
By Laman Ismayilova
Japanese ITOCHU has expressed interest in expanding cooperation with Azerbaijan’s energy giant SOCAR .
The delegation led by Senior Managing Executive Officer and President of Energy & Chemicals Company of the corporation Masahiro Imai met with President of Azerbaijan`s State Oil Company Rovnag Abdullayev.
Imai reminded that cooperation between SOCAR and ITOCHU lasted for more than 20 years, saying the two companies maintain partnership in various projects in both oil and non-oil sectors, including Azeri-Chirag-Guneshli (ACG) and Baku-Tbilisi-Ceyhan (BTC) international projects.
E further hailed the course of implementation of these projects, praising conditions created for ITOCHU’s activity in Azerbaijan.
Abdullayev stressed ITOCHU`s role in successful implementation of the regionally and globally important oil and gas projects in Azerbaijan.
He emphasized that ITOCHU was one of the first international companies to be involved in regional oil and gas projects in Azerbaijan.
Abdullayev praised long-term fruitful activity of Japanese companies in Azerbaijan.
He pointed to the active role which ITOCHU and Japanese banks play in constructing and financing SOCAR`s Star oil refinery in Turkey.
Itochu is the second-largest Japanese general trading company after Mitsubishi Corporation.
eing established in September 1992 and headquartered in Baku, SOCAR is involved in extraction, exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, as well as oil and chemical products in domestic and international markets, and supplying natural gas to the industry and the public in Azerbaijan.
The diplomatic relations between Azerbaijan and Japan were established in 1992. Japan was one of the first countries to support Azerbaijan's forward-looking oil strategy.
Azerbaijan is considering further cooperation with Japan in the field of high technology, particularly in the manufacture of innovative production, with aim to allow Japanese companies to further enter regional markets.
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Laman Ismayilova is AzerNews’ staff journalist, follow her on Twitter: @Lam_Ismayilova
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