SOCAR and Eni Ink MOU to Collaborate on Energy Transition Projects

On July 30, 2024, in Baku, Eni CEO Claudio Descalzi and SOCAR (State Oil Company of Azerbaijan Republic) CEO Rovshan Najaf signed a Memorandum of Understanding (MoU) to explore potential collaboration in hydrocarbon exploration and production, energy security and efficiency, GHG emissions reduction, gas transportation infrastructure, and sustainability. The signing ceremony was attended by Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan.

According to the terms of the MoU, Eni and SOCAR will explore synergies and investment opportunities in both new and existing exploration and production projects in Azerbaijan and other Eni-operated countries. They will also assess potential collaboration and synergies in national and international gas transport infrastructure, projects, and technologies aimed at reducing GHG emissions, and initiatives promoting sustainable development and a culture of sustainability within the energy industry. The MoU outlines activities in preparation for the upcoming United Nations Climate Change Conference COP 29, scheduled to be held in Azerbaijan in November 2024.

This MoU aligns with Eni's decarbonization strategy to achieve carbon neutrality by 2050, while also enhancing energy security and supply competitiveness in Europe. Both Eni and SOCAR are committed to the Oil and Gas Decarbonization Charter, a global industry initiative aimed at accelerating climate action and achieving significant impact across the oil and gas sector.

Eni was founded on February 10, 1953, under the name Ente Nazionale Idrocarburi. This new public entity was charged with revitalizing the country's energy policy under the leadership of Enrico Mattei—an entrepreneur, parliament member, and former partisan commander. Eni soon became a driving force behind Italy's economic boom.  Eni's vision is to drive the global energy transition by achieving net-zero emissions by 2050. Guided by its mission and values, Eni aims to provide accessible energy while fostering innovation and sustainability. The company’s satellite model ensures the integration of renewable energy sources into traditional operations, enhancing energy security and efficiency. Eni prioritizes people and partnerships, leveraging global collaborations to address complex energy challenges. By analyzing global energy scenarios, Eni remains adaptive and forward-thinking, committed to delivering innovative solutions that support a sustainable future and meet the world's growing energy demands responsibly. Eni is actively diversifying its energy portfolio to support the transition to sustainable energy. By investing in advanced technologies and forming strategic partnerships for innovation, Eni is accelerating the development of renewable energy solutions. Their global activities span from Europe to Africa and beyond, focusing on integrating sustainable practices and cutting-edge technologies to reduce emissions and enhance energy efficiency worldwide.