Italian oil and gas company Eni and Azerbaijan’s state energy company, SOCAR, have announced the signing of three MOUs.
The MOUs will focus on energy security, reduction of greenhouse gas (GHG) emissions and the development of a biofuel production chain.
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By GlobalDataThese agreements were signed in Rome during the visit of Azerbaijan’s President, Ilham Aliyev.
The first MOU aims to expand the collaboration between Eni and SOCAR in the hydrocarbon exploration and production sector.
It is focused on strengthening Europe’s energy security, particularly for Italy.
The second MOU is dedicated to reducing GHG emissions and enhancing energy efficiency in Azerbaijan’s upstream sector.
It involves the application of best available technologies including carbon capture, utilisation and storage (CCUS) solutions, as well as identifying opportunities for renewable energy projects.
Furthermore, the third MOU explores potential cooperation in the biofuel production chain.
It includes assessing development projects in Azerbaijan and the Caucasus region, such as cultivating energy crops on degraded soils, introducing second-crop rotations and valorising agro-industrial residues for potential biorefinery conversions.
Both companies will leverage their expertise and proprietary technologies, including those from Enilive, to advance these initiatives.
In a statement, Eni said: “The agreements signed today are in line with Eni’s decarbonisation strategy to achieve carbon neutrality by 2050 and contribute to defining strategic collaborations to ensure energy security and the competitiveness of energy supply in Italy and Europe.”
These MOUs build upon a previous agreement from July, where Eni and SOCAR agreed to explore synergies and investment opportunities in exploration and production projects within Azerbaijan and other regions where Eni is operational.
They also agreed to examine cooperation in national and international gas transport infrastructure and pursue projects aimed at reducing GHG emissions.
