OREANDA-NEWS. July 13, 2011. SOCAR and Swiss Foster Wheeler signed a memorandum of understanding. The document was signed by SOCAR Vice-President for strategic development Mr. Tofig Gahramanov and Chief Executive Director of Foster Wheeler Mr. Marco Maresco. The MoU involves the establishment of a joint venture on the material and technical base of SOCAR’s Oil and Gas Science Research Project Institute. JV’s main purpose is to participate in projecting, engineering, logistics, procurement, construction and project management in Azerbaijan, the region and other countries.

It was pointed put that Foster Wheeler is among the leading companies of the world with rich experience and great potential in this area. Under the memorandum, Foster Wheeler organizes Azerbaijani specialists’ training in Italy. This cooperation will study best practices and develop SOCAR's staff potential.