Azerbaijan's SOCAR And ENOC Explore Expansion Of Cooperation In Energy Sector

2025-12-17 03:07:31

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 17. The President of the State Oil Company of Azerbaijan (SOCAR), Rovshan Najaf, and the Acting Chief Executive Officer (CEO) and a Board Member of ENOC Group, Hussain Lootah, discussed the expansion of cooperation in the energy sector, Trend reports via SOCAR.

During the meeting, the parties engaged in discussions regarding the scope of cooperation between the companies, emphasizing the significance of the Memorandum of Understanding (MoU) signed in November this year between SOCAR and Dragon Oil, particularly in the context of enhancing bilateral relations.

The discussions also encompassed potential areas for collaboration across various segments of the energy sector, including exploration, extraction, digitization, trading, marketing, and other mutually beneficial domains.

On November 4, 2025, SOCAR and its trading arm, SOCAR Trading, formalized their partnership with Dragon Oil, a subsidiary of ENOC, through the signing of a Memorandum of Understanding. This agreement is designed to fortify cooperation in exploration, production, development, and marketing, while also laying the groundwork for future joint ventures in the oil and gas sector.

Founded in 1992, SOCAR operates across the full oil and gas value chain, from exploration and production to processing and export. The company also manages a network of gas stations and international assets in several countries, engages in energy trading, and plays a pivotal role in Azerbaijan's economic landscape.

ENOC is a state-owned energy company founded in 1993, fully owned by the Government of Dubai through its Investment Corporation. It's a major integrated player in the oil and gas sector, operating along the entire value chain: exploration and production, supply and processing, terminals, retail network of fuel stations and aviation fuel, as well as trade and logistics of energy carriers.

ENOC manages its own oil refining infrastructure (including a plant in Jebel Ali), a network of gas stations in the UAE, and serves customers in approximately 60 foreign markets.

The company maintains a significant presence in the region and contributes to the economic development of Dubai, combining traditional energy segments with new services and technologies.

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