UAE’s XRG in talks to expand energy investments in Azerbaijan

XRG, the global investment arm of Abu Dhabi National Oil Company (ADNOC), is in discussions to expand its presence in Azerbaijan, according to a senior company executive.

Bassem Tadros, Senior Vice President of Asset Management at XRG, said the company is looking to deepen its involvement in the country’s energy sector while participating in major regional projects, Caliber.Az reports per local media.

"Over the past year and a half, we started with the jewel in the crown: our presence in Azerbaijan through our partnership with the SOCAR team. We are partners in the Absheron project, have signed an agreement to acquire a stake in the Southern Gas Corridor, and are also in discussions to expand our presence here in Azerbaijan," Tadros said during a forum held as part of Baku Energy Week.

He highlighted the complexity and scale of international energy developments, particularly cross-border infrastructure projects.

"These projects require expertise in resource development, project execution, financing, commercial negotiations, and stakeholder engagement. Partnerships help mitigate risks and enable faster and more efficient project delivery. This is what we have been doing over the past year and a half and will continue to do, starting with Azerbaijan, where we already have a presence and a strong position," he added.

The Absheron gas field and the Southern Gas Corridor were cited as key assets in XRG’s existing portfolio in Azerbaijan.

By Sabina Mammadli