Azerbaijan's SOCAR to continue expanding in foreign energy markets - economic minister

BAKU. June 11 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR) plans to continue expanding its presence in international energy markets, including in the upstream and downstream sectors, Azerbaijani Minister of Economy Mikayil Jabbarov said.

"SOCAR is currently acquiring stakes in various projects in international markets, not only in downstream infrastructure, but also in production. Investment projects have been launched this year in the United Arab Emirates and for the first time on the African continent at a large field in the Ivory Coast. Furthermore, participation in a gas production project in Israel has been secured. This activity will continue, as our resource base, accumulated knowledge and professional skills, as well as Azerbaijan's role on the international stage, create all the necessary opportunities," Jabbarov said in an interview with the Azertac state news agency.

Jabbarov also said that Azerbaijan currently supplies natural gas to 16 countries, contributing to their energy security.

"This factor further enhances our country's role especially in geopolitically sensitive times like these. We are compensating for the decline in domestic resource production revenues through active operations and investments in foreign markets," Jabbarov said.

"This is a special area, and there are many successful examples. One of the most recent is SOCAR's acquisition of Italiana Petroli, which holds approximately 35% of the Italian market and owns two oil refineries and several thousand filling stations. This activity will continue," Jabbarov emphasized.