UAE Firm Outlines Timeline For Southern Gas Corridor Stake Purchase (Exclusive)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 1. XRG, the international energy investment arm of ADNOC of the United Arab Emirates (UAE), expects the procedures for purchasing a stake in Southern Gas Corridor CJSC from the Ministry of Economy of Azerbaijan to be completed in September 2026, a source in the company told Trend on the sidelines of the 31st International Caspian Oil and Gas Exhibition in Baku today.

It was recalled that on November 3, 2025, within the framework of the ADIPEC Exhibition and Conference held in the United Arab Emirates, XRG, the international energy investment arm of ADNOC, signed an Agreement on the Main Terms, which does not create a legal obligation, for the acquisition of a share in the Southern Gas Corridor CJSC from the Ministry of Economy of Azerbaijan.

The document was signed in accordance with the "Memorandum of Understanding between the Ministry of Economy of Azerbaijan and XRG OJSC on Investment in the Southern Gas Corridor", which was exchanged within the framework of the meeting of the President of the Republic of Azerbaijan, Ilham Aliyev, with the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, who visited Azerbaijan in September 2025. At the same time, it will contribute to the further expansion of relations based on a strategic partnership between Azerbaijan and the UAE, including economic ties and cooperation on energy projects, as well as to the economic development of Azerbaijan and the further strengthening of its role as a reliable partner.

The signed document is the third agreement reached between SOCAR and XRG/ADNOC. Thus, the parties have previously reached an agreement on the transfer of the participation stake in the SARB and Umm Lulu fields to SOCAR, as well as the sale of the participation stake in the Absheron gas and condensate field to ADNOC. The volume of the share to be purchased is 12.5%.

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