Eni and SOCR Signs MOU for Energy Security, GHG Emission Reduction and Biofuel Production

Eni, an Italy-based oil and gas company, and SOCAR, Azerbaijan's state energy company, signed three Memoranda of Understanding (MoUs) on September 5, 2024, focusing on energy security, greenhouse gas (GHG) emission reduction, and the biofuel production chain. The agreements were signed in Rome during a visit by Azerbaijan’s President, Ilham Aliyev.

The first MoU aims to strengthen the partnership between Eni and SOCAR in hydrogen exploration and production, with the goal of enhancing European energy security, particularly in Italy.

The second MoU aims to cut greenhouse gas emissions and enhance energy efficiency in the upstream sector of Azerbaijan. This collaboration will implement the best available technologies, including the assessment of carbon capture, utilization, and storage (CCUS) solutions across various industrial sectors. It will also explore renewable energy development opportunities in Azerbaijan.

The third MoU addresses collaboration in the biofuel production chain, evaluating energy crop projects on degraded soil, introducing rotational second-crop systems with cereals, and utilizing agro-industrial residues such as used vegetable oils (UCO). The goal is to potentially convert traditional refineries into biorefineries, leveraging Eni's and Enilive's expertise and technologies.

These agreements highlight the ongoing cooperation between Eni and SOCAR ahead of the United Nations Climate Change Conference COP29, to be held in Azerbaijan in November 2024. Signed on September 5, 2024, the MoUs align with Eni’s decarbonization strategy to achieve carbon neutrality by 2050, while also supporting energy security and supply competitiveness in Italy and Europe.

Eni was established on February 10, 1953, as Ente Nazionale Idrocarburi, a public entity created to reshape Italy's energy policy under the leadership of Enrico Mattei—an entrepreneur, member of Parliament, and former Partisan Commander. Eni played a pivotal role in driving the country’s post-war economic boom. In 1995, it became a publicly traded company, marking the start of its evolution into a global energy powerhouse with a strong focus on technology. After 2014, Eni embarked on new challenges, initiating a transformation to align with the demands of the energy transition.

Eni has consistently supported Italy through significant economic and social transformations, making its resources available throughout these changes. In 2014, Eni entered a new phase of radical evolution, focused on addressing the challenges of climate change and the energy transition. This transformation is even more profound, as Eni now embraces and develops a wide range of solutions and technologies to provide customers with increasingly decarbonized products and services, while adopting a holistic approach that enhances the entire supply chain.