Eni, SOCAR sign MoUs on energy security, emissions reduction, biofuel cooperation
Eni and Azerbaijan’s state energy company SOCAR signed three memorandums of understanding (MoUs) on September 5, covering energy security, greenhouse gas emissions reduction, and biofuel production, Eni announced.
The first MoU focuses on expanding Eni and SOCAR’s cooperation in hydrocarbon exploration and production, aiming to strengthen Europe's energy security, with particular emphasis on Italy.
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The second MoU involves cooperation to reduce greenhouse gas emissions and enhance energy efficiency in Azerbaijan’s upstream sector. This will involve the application of advanced technologies, including carbon capture, utilisation, and storage (CCUS), along with exploring renewable energy projects.
The third MoU explores potential collaboration in the biofuel sector. The two companies will evaluate projects in Azerbaijan and the wider Caucasus region, focusing on growing energy crops on degraded land, introducing second-crop rotations, and valorising agro-industrial residues. They will also consider converting traditional refineries into biorefineries using proprietary technologies from Eni and Enilive.
These agreements reaffirm the collaboration between Eni and SOCAR ahead of the United Nations Climate Change Conference (COP29), which will be hosted in Azerbaijan in November 2024.