SOCAR, ADNOC ink strategic co-op agreement

The State Oil Company of Azerbaijan (SOCAR) and the Abu Dhabi National Oil Company (ADNOC) have signed a strategic cooperation agreement, Report informs referring to SOCAR.

The agreement was signed within the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP-28), which is being held in Dubai.

The agreement provides for further expansion of joint activities between SOCAR and ADNOC in the field of environmental protection, as well as issues of cooperation in the field of blue hydrogen, geothermal energy and carbon emission management.

In August of this year, ADNOC signed an agreement with SOCAR and the French company TotalEnergies to acquire a 30% stake in the Absheron gas condensate field.

As part of COP-28, SOCAR President Rovshan Najaf held a number of meetings with heads of foreign companies.

SOCAR also signed a strategic cooperation agreement with the international holding company Sirius.

As part of the visit, Najaf met with director-general of the Masdar company, Mohamed Jameel Al Ramahi. At the meeting, it was noted that joint projects will make a significant contribution to the reduction of greenhouse gas emissions and the development of renewable energy sources in Azerbaijan. Issues of expanding cooperation were also discussed.