Eni and Azerbaijan’s state energy company SOCAR have signed three Memorandums of Understanding (MoUs) to enhance collaboration in energy security, greenhouse gas emissions reduction, and biofuel production. The agreements were finalized during the visit of Azerbaijan’s President, Ilham Aliyev.
The first MoU focuses on strengthening hydrocarbon exploration and production between Eni and SOCAR, with a key goal of bolstering energy security for Europe, particularly for Italy.
The second MoU emphasizes joint efforts to reduce greenhouse gas emissions and improve energy efficiency in Azerbaijan’s upstream sector. It outlines the use of advanced technologies, including carbon capture, utilization, and storage (CCUS) solutions, and the exploration of renewable energy opportunities within the country.
The third MoU explores potential collaboration in the biofuel production chain. Eni and SOCAR will evaluate the development of energy crops on degraded lands, introduce second-crop rotations with cereals, and explore the use of agro-industrial residues, including used vegetable oils (UCO), to convert traditional refineries into biorefineries using proprietary technologies.
These agreements align with Eni’s decarbonization strategy, aiming for carbon neutrality by 2050, while contributing to strategic collaborations for energy security in Italy and Europe. The MoUs also set the stage for cooperation ahead of the upcoming United Nations Climate Change Conference (COP29), scheduled to take place in Azerbaijan in November 2024.