The State Oil Company of the Azerbaijani Republic (SOCAR) and Israel's Union Energy & Systems A Ltd. have incorporated a joint venture in Malta for natural gas production activities, Malta's Competition and Consumer Affairs Authority (MCCAA) reported.
"MCCAA approved SOCAR and Union Energy & Systems A Ltd.'s decision to establish Union Energy & Systems Operations Malta Ltd. as a fully functional and independent joint venture in Malta," the statement reads.
After review, the Authority concluded the deal meets simplified procedure requirements without violating antitrust laws. Accordingly, the regulator raises no objections and recognizes the JV as lawful, Interfax reported.
SOCAR and Union Energy & Systems A will exercise joint control over the new entity. The JV will focus on natural gas field development and production, leveraging SOCAR's operational expertise in extraction and transportation.
