Slovenia's natural gas wholesaler Geoplin and the State Oil Company of Azerbaijan - SOCAR have signed a memorandum of understanding on cooperation in gas supply as Slovenia seeks to make its supplies more reliable and diversified.

The memorandum was signed as Bojan Kumer, the Slovenian minister of the environment, climate and energy, visited Baku with Geoplin officials on 17 July. Kumer met SOCAR CEO Rovshan Najaf and Azerbaijani Energy Minister Parviz Shahbazov.

The aim of the meeting was to engage in talks on the supply of natural gas from Azerbaijan, which has in recent years become one of the largest gas suppliers of the EU, according to the ministry.

Geoplin says the memorandum it signed with SOCAR paves the way for further cooperation between the two countries in the gas supply and for the security of energy supply of Slovenia.

The visit to Azerbaijan was essential to consolidate the strategic partnership and ensure Slovenia's reliable supply of natural gas, Kumer was quoted as saying. The memorandum of cooperation is a key step towards deepening cooperation in this area.

The cooperation with Azerbaijan is an opportunity for Slovenia to further diversify its gas supply, after gas supply from Algeria resumed in 2023.

Kumer noted that Azerbaijan has become an important strategic energy partner for the EU, and there has been a growing interest in deepening bilateral cooperation in energy, which has prompted talks between the two sides at a political level. These started between the two ministries in March.

Quoted in a press release, Geoplin CEO Simon Urbancl said the state's support was essential in Geoplin's efforts to cooperate with major global natural gas suppliers such as SOCAR.

Less than two months ago Geoplin and Algeria's Sonatrach signed an annex to their gas supply contract to increase Algerian gas supplies by two-thirds from current volumes starting from 2026.

In Baku, Kumer also met Azerbaijani Minister of Ecology and Natural Resources Mukhtar Babayev, who is the president of the COP29 climate conference, which will take place in Azerbaijan in November.

They discussed preparations for the climate conference, priorities and the main topics, and the need to maintain ambition. Kumer called for ambitious greenhouse gas emission reduction targets, based on decisions already taken.