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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Four people were killed, including a child, in Ukrainian strikes on the Russian port city of Novorossiysk overnight, according to the governor of the Krasnodar region. Ukraine's drone forces commander, Robert Brovdi, said Russian military ships were destroyed in the attacks.
A TV channel was struck during a live broadcast on Tuesday, Ukrainian President Volodymyr Zelenskyy said, as Russian strikes on Kyiv killed at least three people, the city's Mayor Vitali Klitschko said. Meanwhile, drones hit civilian infrastructure in Russia's southwestern Saratov region.
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to end Russia’s war in Ukraine.
Indonesia has reopened Jakarta's main airport and four others after volcanic ash from Mount Anak Krakatau forced widespread flight cancellations, though fresh eruptions have kept authorities on alert.
The Houthi movement has fired missiles and drones towards Saudi Arabian cities and energy facilities, opening another potentially dangerous front in a wider regional conflict involving Iran and the United States.
Tehran’s standoff with the International Atomic Energy Agency (IAEA) has entered a new height after Iran’s mission in Vienna slammed a joint U.S.-E3 draft resolution.
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
Saudi Arabia’s Delta Energy International has signed a 25-year, $200 million oil and gas contract with Afghanistan’s Ministry of Mines and Petroleum, launching exploration and extraction work in the country’s western Kushk-Tirpul basin.
Asian countries are seeking to unlock investment and ease cross-border financing as digital technologies transform financial markets, a key focus of the first CICA Finance Summit in Astana, attended by representatives from 16 member states.
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