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SOCAR establishes joint venture with Swiss company

12 July 2011 14:08 (UTC +04:00)

Baku. Ali Ahmadov - APA-Economics. Today, the State Oil Company of Azerbaijan and the Swiss Foster Wheeler signed a memorandum of understanding.

According to the document signed by the vice-president of SOCAR for strategic development Tofig Gahramanova and chief executive officer of Foster Wheeler Marco Maresca, it is considered to establish a joint venture for the material and technical base of the institute "Neftgazelmitetgigatlayihya" of SOCAR.

The main goal is to participate in designing, engineering, logistics, procurement, construction and project management in Azerbaijan, the region and other countries.

Foster Wheeler is one of the world leaders in these areas. Within the framework of the memorandum, it is planned to hold trainings in Italy for Azeri specialists. Cooperation will contribute to identifying best practices, including the development of local human resources.