Skopje, 14 November 2024 (MIA) - Power Plants of North Macedonia (ESM) and State Oil Company of Azerbaijan Republic (SOCAR) signed Thursday a Memorandum of Understanding (MoU) aimed at strengthening the country's energy stability.

The cooperation focuses on improving the availability and enlargement of options for procurement of natural gas, in order to ensure a stable and continued supply at competitive prices, in line with regulations.

The memo supports the state's efforts to secure natural gas, while SOCAR aims to increase its presence on the regional market, ESM said in a press release.

Regarding the MoU, Prime Minister Hristijan Mickoski told reporters it is fantastic news, resulting in lower gas prices for the country.

"SOCAR is a giant that is currently delivering more than 20 billion m3 in six European countries, and this number will increase with us. Through SOCAR, ESM will get gas for heating and electricity production in the final quarter of 2024," said PM Mickoski.

Photo: ESM