Azerbaijan Signs Agreement on Strategic Partnership in Energy Sector

A quadripartite memorandum on strategic cooperation in the oil and gas sector was signed in Baku, the capital of Azerbaijan, a former Soviet republic located on the coast of the Caspian Sea. The agreement was signed by the State Oil Company of Azerbaijan (Socar), Kazakhstan’s oil and gas producing corporation KazMunayGas, Russian oil company Tatneft, and Uzbek oil and gas company Uzbekneftegaz.

The new agreement, which opens wide prospects in terms of production, transportation, and trade of hydrocarbons, was signed within the framework of the international conference “Digitalization, Industrial Safety, and Procurement in the Energy Sector” held in Baku. As Azerbaijani media noted, “the partnership is aimed at developing digital technologies and improving industrial safety.” In particular, Kazakhstan’s KazMunayGas said that the signed documents provide for “exchange of experience in the development and application of digital solutions, as well as the implementation of measures to prevent emergencies caused by human activity.”

Meanwhile, the government of Turkey, a neighboring state and strategic partner of Azerbaijan, has approved an important cooperation agreement with Azerbaijan in the field of natural gas. Earlier this document was approved by a special decree of Azerbaijani President Ilham Aliyev dated July 8, 2024. The agreement is intended to further strengthen energy cooperation between Turkey and Azerbaijan and “to make a significant contribution to the energy security of both countries and the stability of Europe’s energy supply.”