President of Algeria Abdelmadjid Tebboune has ratified a strategic memorandum of understanding between Algeria and Azerbaijan aimed at expanding bilateral cooperation across the hydrocarbons sector, including oil, gas, petrochemicals and emerging green-energy projects.
Signed on November 29, 2022, the memorandum highlights the commitment of both countries to strengthening economic and industrial relations through a long-term partnership founded on shared interests and closer coordination in energy affairs.
The memorandum also envisages joint efforts in petrochemical industries, energy transportation and distribution, and the marketing of petroleum products such as naphtha and LNG.
As part of the arrangement, Azerbaijan’s state-owned energy company SOCAR is expected to deliver long-term supplies of Azerbaijani light crude and other petroleum grades to Sonatrach Raffineria Italiana, further strengthening commercial energy ties between the two nations.
In addition, the partnership covers cooperation in renewable-energy projects, particularly hydrogen production and transport infrastructure, as well as research activities, sector management, energy infrastructure development, and workforce training.
The memorandum will remain in effect for an initial period of 5 years and will be automatically extended unless either side chooses to terminate it through formal notification.
