SOCAR continues to acquire stakes in strategic assets in foreign countries in line with its strategy to expand production footprint.
Within this framework, on January 31, 2025, an agreement was signed with Union Energy for the acquisition of 10% effective ownership in the Tamar field, located offshore of Israel, one of the largest and most strategically important gas fields in the Mediterranean basin. With this step, SOCAR has begun implementing investment in upstream projects in the Mediterranean region. The agreement was signed subject to certain conditions being met, including customary regulatory and other approvals.
SOCAR will continue its efforts to acquire stakes in strategic assets in foreign countries in the future.
About SOCAR
SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.