State Oil Company of the Azerbaijani Republic (SOCAR) and Germany’s Verbundnetz Gas Agbo (VNG) have agreed to increase cooperation in natural gas and renewable energy, SOCAR said in a statement.
“SOCAR and VNG signed a memorandum of understanding in the field of natural gas and renewable energy on Tuesday. The document will also facilitate sustainable energy solutions and the development of international cooperation,” it said.
According to the memorandum, the parties will explore opportunities for natural gas supply and utilizing gas infrastructure, and for “cooperation on projects involving the transition to renewable energy and decarbonized gases.”
VNG plans to buy and sell gas from SOCAR, Managing Director of VNG Handel & Vertrieb GmbH Konstantin von Oldenburg said at an energy forum in Baku on June 6.
“We specialize in the import and wholesale trade of gas, with turnover of approximately 15-18 billion cubic meters. In the past, Germany used to import gas from Russia and Norway. Starting this year, we have been importing Algerian gas and have plans to enhance our portfolio with gas produced by SOCAR in the future,” he said at an energy forum in Baku on Thursday.
VNG is a gas company headquartered in Leipzig. It is Germany’s third biggest natural gas importer.
