Algerian President Abdelmadjid Tebboune has ratified a strategic memorandum of understanding with Azerbaijan, covering oil, gas, petrochemicals, and emerging green energy projects.
Signed on November 29, 2022, the agreement reflects both countries' intent to deepen economic and industrial ties through long-term partnership in the energy sector. SOCAR will supply light Azeri crude and other oil grades to Sonatrach Raffineria Italiana.
The partnership also includes cooperation in research, energy infrastructure, human capital training, green energy initiatives, and hydrogen development. The memo is valid for five years with automatic renewal.
