SOCAR signs MoU with Union Energy for foint exploration in Israel's EEZ Photo

The State Oil Company of Azerbaijan Republic (SOCAR) has entered into a Memorandum of Understanding (MoU) with Israeli company Union Energy, aimed at joint exploration activities in Israel’s Exclusive Economic Zone (EEZ).

The announcement was made by Azerbaijan's Minister of Economy, Mikayil Jabbarov, via his X page, Caliber.Az reports.

“As part of our working visit to Israel, a Memorandum of Understanding was signed between SOCAR and Union Energy on joint exploration activities in Israel's Exclusive Economic Zone (EEZ). The implementation of this agreement will drive the expansion of the parties' international cooperation network and provide access to new #energy reserves,” Jabbarov wrote.

In addition to this agreement, Jabbarov also discussed the broader scope of bilateral relations between the two countries during his visit.

“Within the framework of our visit to Israel, we held a meeting with Gideon Sa'ar, the Minister of Foreign Affairs of the country. We exchanged views on the strategic alliance between Azerbaijan and Israel, discussed various aspects of our bilateral relations, and explored prospects for enhancing economic and trade cooperation,” Jabbarov added.

Notably, Jabbarov met with Israeli Minister of Economy and Industry Nir Barkat during a working visit to Israel to discuss enhancing investment cooperation. The talks, shared by Minister Jabbarov on social media, focused on expanding collaboration in industrial zones and strengthening business ties between both nations. 

He stressed the importance of closer economic relations and explored new opportunities for mutual growth, particularly in industrial zone development, which could serve as a foundation for future investments.

By Aghakazim Guliyev