SOCAR, Eni mull potential projects for future cooperation

The State Oil Company of Azerbaijan (SOCAR) and the Italian energy company Eni have discussed potential areas of future cooperation, Report informs.

The talks took place between SOCAR President Rovshan Najaf and Eni CEO Claudio Descalzi on the sidelines of the 2026 World Economic Forum (WEF 2026).

"As part of the World Economic Forum 2026, we had a productive meeting with Claudio Descalzi, CEO of Eni, reaffirming our strong partnership and shared commitment to advancing strategic energy initiatives. During the meeting, we discussed the potential projects arising from the MoUs signed between SOCAR and Eni, focusing on energy security, emissions reduction, and biofuel production. This collaboration marks a significant step in strengthening energy security for Europe, reducing greenhouse gas emissions, and promoting the development of renewable energy in Azerbaijan and the broader region. By leveraging our combined expertise, we aim to tackle today's energy challenges and build a more sustainable, resilient and energy-secure future," Rovshan Najaf wrote on X.

On September 5, 2024, Eni and SOCAR signed three memorandums of understanding in the areas of energy security, greenhouse gas emissions reduction, and the biofuels production chain.

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 the 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 valorization 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.