Eni CEO Claudio Descalzi and SOCAR (State Oil Company of Azerbaijan Republic) CEO Rovshan Najaf signed a Memorandum of Undestanding (MoU) in Baku today, to evaluate potential cooperation opportunities in the areas of exploration and production of hydrocarbons, energy security & efficiency, GHG emissions reduction, gas transportation infrastructures and sustainability. The signature took place at the presence of the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov.

Under the terms of the MoU, Eni and SOCAR will evaluate synergies and investment opportunities in new and existing exploration and production projects, in Azerbaijan and in Eni countries of operations. They will also assess possible areas of cooperation and synergies related to national and international gas transport infrastructures, as well as projects and technologies that allow to reduce GHG emissions, and initiatives to promote sustainable development and a culture of sustainability within the energy industry. The MoU foresees activities in view of the upcoming United Nations Climate Change Conference COP 29, which will take place in Azerbaijan in November 2024.

This MoU is in line with Eni’s decarbonization strategy to reach carbon neutrality by 2050 while contributing to energy security and competitiveness of energy supply in Europe. Both Eni and SOCAR adhere to the Oil and Gas Decarbonization Charter, the global industry effort dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sector.

About Eni

Eni (NYSE: E) is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.