UAE investing in Azerbaijan's gas field

The deal to sell part of the interest of TotalEnergies and Azerbaijan’s state oil company SOCAR to Abu Dhabi National Oil Company (ADNOC ) in Absheron gas field will further strengthen the strategic relationship between the UAE and Azerbaijan.

The agreement provides for selling 30% participating interest to ADNOC. Upon completion of this transaction, SOCAR and TotalEnergies will hold a 35% interest each.

The event was attended by the Minister of Economy of the Republic of Azerbaijan and the Chairman of SOCAR`s Supervisory Board Mikayil Jabbarov, SOCAR President Rovshan Najaf, President of TotalEnergies Exploration and Production, Nicolas Terraz, and Executive Director of ADNOC for Low Carbon Solutions and International Growth Musabbeh Al Kaabi.

SOCAR said that ADNOC's investment in Azerbaijan comes as part of a strategic plan to grow its international gas business.