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.
