XRG to acquire a minority stake in SGC from Ministry of Economy of the Republic of Azerbaijan.

XRG, an energy investment company, agreed to acquire a minority stake in SGC, a state-backed company responsible for managing Azerbaijan’s interests in major natural gas infrastructure projects, from Ministry of Economy of the Republic of Azerbaijan, a government agency. Financial terms are not disclosed. The agreement potentially expands XRG’s collaboration with SOCAR from gas production to the reliable delivery of energy resources to European markets seeking to diversify their sources of supply. XRG’s holdings in the Caspian currently include its strategic partnership with SOCAR in the Absheron gas and condensate field, with a 30% stake. XRG also holds a 38% interest in the offshore Block I gas concession in Turkmenistan. SOCAR also acquired a 3% interest in the SARB and Umm Lulu concession in Abu Dhabi from ADNOC in May 2024.