Italian Eni, and the Azerbaijan’s State Energy Company SOCAR have signed three separate Memorandum of Understanding (MoU) in the areas of energy security, greenhouse gas emissions reduction and the biofuel production. The signatures took place during the visit of the President of the Republic of Azerbaijan, Ilham Aliyev.
The Company in a press statement said that the first MoU whose focus is on the expansion of Eni and SOCAR’s cooperation on hydrocarbon exploration and production, aims to strengthen the energy security of Europe, and Italy in particular.
The second MoU envisages the cooperation of Eni and SOCAR to reduce greenhouse gas emissions and improve energy efficiency in the upstream sector in Azerbaijan, through the application of best available technologies. These include the evaluation of carbon capture and transportation solutions from existing plants in various industrial sectors, storage and utilization in deposits in Azerbaijan (CCUS), as well as the identification of renewable energy development project opportunities.
And the third MoU, the statement highlighted, would aim at exploring potential cooperation in the biofuel production chain. Adding that the parties will evaluate development projects, in Azerbaijan and the wider Caucasus region, of energy crops on degraded soil, the introduction of second-crop crops in rotation with cereals, and the valorisation of agro-industrial and other residues, such as used vegetable oils (UCO) – all with a view, under the deals, to a possible conversion of traditional refineries into biorefineries thereby leveraging the deep expertise and proprietary technologies of both Eni and Enilive.
“Today’s agreements confirm the areas of cooperation between Eni and SOCAR in view of the next United Nations Climate Change Conference COP29, to be held in Azerbaijan in November 2024.
“The agreements signed today are in line with Eni’s decarbonization 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.”