SOCAR and VNG sign a memorandum of understanding on natural gas and renewable energy

The State Oil Company of Azerbaijan (SOCAR) and the German gas company VNG have signed a memorandum of understanding (MoU) on cooperation in the areas of natural gas and renewable energy, SOCAR announced on June 25.

The Memorandum of Understanding sets out the exchange of expertise in the study of natural gas supply options and the use of gas infrastructure. In addition, the parties will explore opportunities to cooperate on projects related to the transition to renewable energy and decarbonized gases.

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Both SOCAR and VNG have been active in signing deals for natural gas and low-carbon energy. Earlier this month, SOCAR signed an agreement with state-backed Turkish energy company Botas for the supply and transit of natural gas. SOCAR has also partnered with ADNOC to research and develop low-carbon energy technologies.

In February, VNG signed an agreement to purchase gas from the Algerian state energy company Sonatrach. Last year, VNG signed a letter of intent with Aker Horizons to receive green ammonia.