SOCAR, VNG sign MoU on natural gas, renewable energy
The State Oil Company of Azerbaijan (SOCAR) and German gas company VNG have signed a memorandum of understanding (MoU) to collaborate in the fields of natural gas and renewable energy, SOCAR announced on June 25.
The MoU outlines the exchange of expertise in investigating natural gas supply possibilities and utilising gas infrastructure. Additionally, the parties will explore opportunities for cooperation on projects involving the transition to renewable energy and decarbonised gases.
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Both SOCAR and VNG have been proactive in signing agreements related to natural gas and low-carbon energy. Earlier this month, SOCAR inked an agreement with Turkish state-backed energy company Botas for the supply and transit of natural gas. SOCAR has also partnered with ADNOC to explore and develop low-carbon energy technologies.
In February, VNG signed an agreement to purchase gas from Algerian state-owned energy company Sonatrach. Last year, VNG signed a letter of intent with Aker Horizons for the offtake of green ammonia.