16:56 - 3.11.2025

---

November 3, Fineko/abc.az. XRG, the international investment energy division of ADNOC, has signed an agreement with the Ministry of Economy of Azerbaijan on the basic conditions for the acquisition of a stake in Southern Gas Corridor CJSC, which does not create legal obligations.

ABC.AZ reports, referring to the Ministry of Economy of Azerbaijan, that the signing of the document took place within the framework of the ADIPEC exhibition, taking place in the United Arab Emirates (UAE).

The document was signed in accordance with the Memorandum of Understanding between the Ministry of Economy of the Republic of Azerbaijan and XRG ASC on investments in the Southern Gas Corridor, which was exchanged during the meeting between Azerbaijani President Ilham Aliyev and UAE President Sheikh Mohammed bin Zayed Al Nahyan during his visit to our country in September of this year.

The agreement was signed by Mikayil Jabbarov, Minister of Economy, Chairman of the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), and Sultan Ahmed Al-Jaber, Executive Chairman and CEO at XRG.

"The agreement expands the existing partnership between SOCAR and XRG in the field of gas production, advancing collaboration aimed at diversifying energy supply and strengthening regional energy security. This document carries strategic importance for deepening the economic ties between Azerbaijan and the UAE, attracting investments into Azerbaijan's energy infrastructure, diversifying revenue streams, and reinforcing the country's role as a reliable and forward-looking partner in the global energy landscape," reads the post.

The signed document is the third agreement reached between SOCAR and XRG/ADNOC. Earlier, the parties reached agreements on the transfer of shares in the SARB and Umm Lulu fields to SOCAR, as well as on the sale of shares in the Absheron gas condensate field to ADNOC.

Southern Gas Corridor CJSC, which started its operations in 2014, has shares in gas production assets and in a network of pipelines with a total length of 3,500 km. This infrastructure, which has transportation capacity of up to 26 bcm a year, allows natural gas to be transported from the Caspian basin to Southern Europe via Turkey.