Eni and Azerbaijan’s state energy company SOCAR have signed three Memorandums of Understanding (MoU) in the areas of energy security, greenhouse gas emissions reduction and the biofuel production chain. The signatures took place during the visit of the President of the Republic of Azerbaijan, Ilham Aliyev.

The first MoU focused on the expansion of Eni and SOCAR’s cooperation on hydrocarbon exploration and production, with the aim of strengthening the energy security of Europe, and Italy in particular.

A 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.

Finally, a third MoU, to explore potential cooperation in the biofuel production chain, has been signed. Under this MoU 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), will a view to a possible conversion of traditional refineries into biorefineries, 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.

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.