Cairo, May 31, AZERTAC

President of Algeria Abdelmadjid Tebboune has ratified the “Memorandum of Understanding between the Government of the Republic of Azerbaijan and the Government of the People’s Democratic Republic of Algeria on cooperation in the field of oil and gas.

The document, signed on November 29, 2022, envisages expanding bilateral cooperation between the two countries across the hydrocarbons sector, including oil, gas, petrochemicals and emerging green-energy projects.

The MoU establishes a broad framework for cooperation covering regulatory and legal policies related to hydrocarbons activities, as well as upstream oil and gas exploration and production projects both onshore and offshore.

The accord also includes collaboration in petrochemicals, energy transport and distribution, and the commercialisation of petroleum products, including naphtha and liquefied natural gas (LNG).

Under the memorandum, Azerbaijan’s State Oil Company (SOCAR) will supply long-term volumes of light Azerbaijani crude and other petroleum grades to Sonatrach Raffineria Italiana.

The partnership further extends to green-energy initiatives, particularly hydrogen development and transport infrastructure, alongside cooperation in research, sector governance, energy infrastructure and human-capital training.

The memorandum is valid for an initial five-year term and will be renewed automatically unless either party formally withdraws from the agreement.

On February 1, 2023, President of Azerbaijan Ilham Aliyev signed a decree on approving the “Memorandum of Understanding between the Government of the Republic of Azerbaijan and the Government of the People’s Democratic Republic of Algeria on cooperation in the field of oil and gas.”

Shikhali Aliyev

Special correspondent