4 Aug 2023 10:13

Emirates ADNOC buys 30% in project to develop Absheron gas condensate field - SOCAR

BAKU. Aug 4 (Interfax) - The Abu Dhabi National Oil Company (ADNOC) has become a shareholder in the project to develop the Absheron gas condensate field in the Caspian Sea, having bought 15% of the shares from the State Oil Company of the Azerbaijan Republic (SOCAR) and France's TotalEnergies , SOCAR said in a statement.

"The ceremony to sign the agreement on ADNOC's acquisition of a 30% stake in the project from SOCAR and TotalEnergies occurred on Friday. The respective stakes of SOCAR and TotalEnergies in the Absheron project will each be 35% following completion of the transaction," SOCAR said.