A delegation from ITOCHU Corporation, a Japanese corporation and the second-largest Japanese conglomerate after Mitsubishi Corporation visited Azerbaijan in search of ways to expand cooperation with Azerbaijan’s State Oil Company, SOCAR.
The six-member delegation was led by ITOCHU Senior Managing Executive Officer and Representative Director and President of Energy and Chemicals company, Masahiro Imai, according to a statement by SOCAR.
As part of the meeting with SOCAR's President Rovnag Abdullayev, Imai expressed satisfaction with the successful implementation of joint projects and further expressed the company's interest in expanding cooperation with SOCAR, Azerbaijan’s largest wholly state-owned oil company.
“There is favorable long-term outlook for deepening cooperation with the Japanese companies,” Mr. Abdullayev told the delegation.
In the early 1990s, ITOCHU was among the first international companies to be involved in regional oil and gas projects in Azerbaijan. SOCAR and ITOCHU have had fruitful relations in recent years, given achievements in various projects both in oil and non-oil sectors. Successful oil projects include Azeri-Chirag-Guneshli (ACG) and Baku-Tbilisi-Ceyhan (BTC). Moreover, ITOCHU and select Japanese banks actively participate in constructing and financing SOCAR’s Star oil refinery in Turkey.
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