Today.Az » Business » SOCAR, Italy’s Snam ink agreement on sustainable energy
24 February 2020 [17:17] - Today.Az
By Rasana Gasimova
Azerbaijan’s State Oil Company (SOCAR) and one of the world’s leading energy infrastructure companies, Snam have signed a cooperation agreement to study the development of renewable gases and use of sustainable energy, with a view to their delivery through the Southern Gas Corridor, including Trans Adriatic Pipeline (TAP) in the future.
The agreement was signed by the representatives of Snam and SOCAR, in the presence of President Ilham Aliyev and Italian Prime Minister Giuseppe Conte , SOCAR reported.
Both companies own a 20 percent stake in TAP and SOCAR is a major shareholder of the other Southern Gas Corridor projects.
The agreement between Snam and SOCAR involves collaboration in the areas relating to the energy transition and circular economy.
Commenting on the agreement, Snam’s CEO Marco Alverà said that through this project, Snam and SOCAR aim to contribute to the energy transition and circular economy in Azerbaijan, strengthening collaboration between the two countries.
“Furthermore, the development of biomethane and hydrogen could offer new opportunities for the delivery of renewable gases through the Southern Gas Corridor and the TAP pipeline, thereby improving environmental sustainability alongside security and flexibility of supply,” he noted.
SOCAR’s president Rovnag Abdullayev stressed that SOCAR had been taking significant steps in its operations to minimize negative impact on the environment.
“The cooperation agreement signed today is an important step towards sustainability in the energy industry, aimed at to develop a greener economy and to curb global warming, in order to sustain life and prosperity,” he added.
Snam is Europe’s leading gas utility. It has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years.
Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union.