Azerbaijan has announced a wave of investment and energy agreements at the Azerbaijan International Investment Forum in Baku, with deals worth more than $10 billion in potential investment, according to Reuters.
A presidential aide announced the package on Saturday. Economy Minister Mikayil Jabbarov, speaking to Euronews, put the total at $10.8 billion across 26 signed contracts involving companies from 10 countries, and said representatives from BlackRock, Global Infrastructure Partners and Brookfield were among those attending the forum.
Absheron gas field expansion
The headline energy deals centre on the Caspian's Absheron gas and condensate field. State oil company SOCAR, France's TotalEnergies and Abu Dhabi's XRG reached a final investment decision on full-field development. President Ilham Aliyev said the second phase of Absheron, one of the largest offshore fields in the Caspian Sea, would raise Azerbaijan's gas output by around 5 billion cubic metres within three to four years.
Separately, SOCAR and U.S. major ExxonMobil signed a production-sharing agreement for unconventional hydrocarbon resources in the Middle Kura basin. Each company holds a 50 percent stake, with ExxonMobil acting as operator.
Energy bridge ambition
The forum framed the deals as part of Azerbaijan's effort to position itself as an energy bridge between Europe and Asia. The country exports gas mainly to Europe and Turkey — about half of its 25 billion cubic metres of exports last year went to EU countries — and Aliyev noted that further growth in exports to Europe would depend on additional pipeline capacity.
Aliyev said transit cargo volumes through the country are expected to reach 16 million metric tons this year, targeting 25 million tons or more by 2030. He added that the government is negotiating with international companies to develop data centres and artificial intelligence in Azerbaijan.
While oil and gas still account for more than 90 percent of exports, the non-oil sector now represents more than 70 percent of GDP, the president said — a shift he credited to years of reinvesting energy revenues.
Sources: Reuters via Traders Union | Euronews via Ekkow
A presidential aide announced the package on Saturday. Economy Minister Mikayil Jabbarov, speaking to Euronews, put the total at $10.8 billion across 26 signed contracts involving companies from 10 countries, and said representatives from BlackRock, Global Infrastructure Partners and Brookfield were among those attending the forum.
Absheron gas field expansion
The headline energy deals centre on the Caspian's Absheron gas and condensate field. State oil company SOCAR, France's TotalEnergies and Abu Dhabi's XRG reached a final investment decision on full-field development. President Ilham Aliyev said the second phase of Absheron, one of the largest offshore fields in the Caspian Sea, would raise Azerbaijan's gas output by around 5 billion cubic metres within three to four years.
Separately, SOCAR and U.S. major ExxonMobil signed a production-sharing agreement for unconventional hydrocarbon resources in the Middle Kura basin. Each company holds a 50 percent stake, with ExxonMobil acting as operator.
Energy bridge ambition
The forum framed the deals as part of Azerbaijan's effort to position itself as an energy bridge between Europe and Asia. The country exports gas mainly to Europe and Turkey — about half of its 25 billion cubic metres of exports last year went to EU countries — and Aliyev noted that further growth in exports to Europe would depend on additional pipeline capacity.
Aliyev said transit cargo volumes through the country are expected to reach 16 million metric tons this year, targeting 25 million tons or more by 2030. He added that the government is negotiating with international companies to develop data centres and artificial intelligence in Azerbaijan.
While oil and gas still account for more than 90 percent of exports, the non-oil sector now represents more than 70 percent of GDP, the president said — a shift he credited to years of reinvesting energy revenues.
Sources: Reuters via Traders Union | Euronews via Ekkow
