UAE’s ADNOC buys stake in Azerbaijan gas field
The move follows a wind and solar energy deal between an Emirati firm and Azerbaijan.
The United Arab Emirates’ state-owned oil energy company announced on Friday a major investment in Azerbaijan, further demonstrating the UAE’s commitment to gas amid its push toward renewable energy.
The Abu Dhabi National Oil Company (ADNOC) signed a deal with Azerbaijan’s state energy company, SOCAR, and France’s TotalEnergies to acquire a 30% stake in the Absheron gas field, in the Caspian Sea. After the transaction, SOCAR and TotalEnergies will each own a 35% stake in the field, ADNOC said in a press release.
"ADNOC’s investment into the Caspian region aims to create a substantial growth position as it enters the international gas market, and reinforces the energy partnership between the United Arab Emirates (UAE) and Azerbaijan,” said the company.
ADNOC executive Musabbeh Al Kaabi added that the move is in response to the rising global demand for gas, according to the release.
