In a landmark deal State Oil company of Azerbaijan SOCAR expands its footprint beyond its traditional markets.
On January 31, 2025, SOCAR signed an agreement with Union Energy to acquire a 10% effective ownership stake in the Tamar field—one of the largest offshore gas reserves in the Mediterranean.
Located off the coast of Israel, the Tamar field has been a key supplier of natural gas to the region, playing a vital role in energy security and economic growth. This acquisition marks SOCAR’s first major investment in upstream projects in the Mediterranean.
The company says it will continue seeking strategic assets worldwide to expand its energy portfolio.
This move signals SOCAR’s ambition to establish itself as a major player in global energy markets. The Tamar field is a critical asset, and SOCAR’s entry here strengthens its presence in international energy projects.
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The peace agreement to be signed by Azerbaijan and Armenia on Friday will be accompanied by bilateral deals on energy, technology, trade, infrastructure, border security and economic cooperation, the White House said.
President Donald Trump said Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan will join him at the White House on Friday for what he called an “Historic Peace Summit,” aimed at formally ending years of conflict.
Azerbaijan and Armenia are expected to sign a Joint Declaration between Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan, during their Washington meeting with U.S. President Donald Trump in attendance, signalling progress towards a final peace deal.
The U.S. says it is too early to discuss details of any documents that may emerge from an upcoming Azerbaijan-U.S.-Armenia meeting.
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The peace agreement to be signed by Azerbaijan and Armenia on Friday will be accompanied by bilateral deals on energy, technology, trade, infrastructure, border security and economic cooperation, the White House said.
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President Donald Trump said Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan will join him at the White House on Friday for what he called an “Historic Peace Summit,” aimed at formally ending years of conflict.
The U.S. says it is too early to discuss details of any documents that may emerge from an upcoming Azerbaijan-U.S.-Armenia meeting.
On 7 August, President Ilham Aliyev of Azerbaijan met in Washington with Steve Witkoff, Special Envoy of the U.S. President. The two leaders witnessed the signing of a Memorandum of Cooperation between SOCAR and ExxonMobil.
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