Foster Wheeler has signed a memorandum of understanding with the State Oil Company of Azerbaijan Republic (SOCAR) to form a joint venture.
The companies will prepare a joint action plan for the establishment and incorporation of a new firm, with its headquarters in Baku.
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The joint venture will develop a new oil, gas-processing and petrochemical complex, and provide process, engineering, procurement, construction supervision and project management services.
Foster Wheeler CEO Umberto della Sala said his company will provide the new firm with its worldwide resources, technical expertise and international project execution capability on all of SOCAR’s key business areas.
