Eni signs 3 MoUs on emission reduction with SOCAR

Eni SpA E, Italy’s leading oil and gas company, and Azerbaijan’s state energy company, SOCAR, have signed three pivotal Memorandums of Understanding. These agreements are aimed at advancing energy security, cutting greenhouse gas emissions and bolstering the biofuel production chain. The agreements were finalized during the visit of Ilham Aliyev, president of the Republic of Azerbaijan.

The first MoU emphasizes Eni and SOCAR’s expanded cooperation in hydrocarbon exploration and production. This collaboration is aimed at fortifying energy security in Europe, with a focus on Italy. Given the growing demand for reliable energy sources, this agreement plays a crucial role in ensuring the stability of European energy supplies amid global market fluctuations.

The second agreement focuses on reducing greenhouse gas emissions in Azerbaijan’s upstream sector by leveraging advanced technologies. This initiative includes evaluating carbon capture, utilization and storage (CCUS) solutions, which are vital for mitigating industrial emissions. In addition, the MoU outlines plans for renewable energy development projects in Azerbaijan, helping the country align with the global decarbonization trends.

The third MoU is aimed at fostering cooperation in the biofuel production chain. Both Eni and SOCAR will explore biofuel development projects, focusing on energy crops, agro-industrial residue valorization and conversion of traditional refineries into biorefineries. These efforts align with Eni’s decarbonization strategy and its broader goal of producing sustainable energy in the Caucasus region.

These agreements highlight the ongoing cooperation between Eni and SOCAR in the lead-up to the United Nations Climate Change Conference COP29, which will be hosted in Azerbaijan in November 2024. They also align with Eni’s long-term strategy to achieve carbon neutrality by 2050, reinforcing its commitment to addressing climate change while ensuring energy security for Europe.