BAKU, Azerbaijan, October 26. Opportunities for
trade in oil and petrochemical products between SOCAR and Sonatrach
were discussed.
This was reported by Azerbaijan’s Minister of Energy, Parviz
Shahbazov, on his page on the social media platform X.
“During a meeting in Moscow with Mohamed Arkab, Algeria’s
Minister of State, Minister of Hydrocarbons, we discussed the
development of our energy cooperation, the upcoming meetings of the
Joint Working Group and the Joint Commission, and potential
partnership opportunities between SOCAR and SONATRACH in the
trading of oil and petrochemical products,” the post reads.
Meanwhile, a strategic memorandum of understanding between
Azerbaijan and Algeria in the energy sector was signed on November
29, 2022, and ratified in May 2026. The document aims to expand
bilateral cooperation in the oil, gas, and petrochemical sectors,
as well as in the field of renewable energy.
The memorandum provides for cooperation in oil and gas
exploration and production, the transportation and distribution of
energy resources, the petrochemical industry, and the marketing of
petroleum products.
Under the agreement, the State Oil Company of Azerbaijan (SOCAR)
will provide long-term supplies of Azerbaijani light crude and
other grades of crude oil to Sonatrach Raffineria Italiana.
The document also covers cooperation in the field of renewable
energy, including hydrogen production, energy infrastructure
development, research and development, and personnel training. The
memorandum has been signed for an initial term of five years, with
the option of automatic renewal.
