XRG buys into Azerbaijani state-owned energy player SGC: Adnoc’s global investment arm XRG inked a non-binding preliminary agreement to purchase an undisclosed stake in Azerbaijani energy holding company Southern Gas Corridor (SGC) from Azerbaijan’s Economy Ministry for an undisclosed amount, state news agency Wam reports.

SGC’s assets include operating gas fields and a 3.5k-km pipeline network running from the Caspian through Turkey to southern Europe, with a capacity to deliver up to 26 bcm a year.

The agreement would deepen XRG’s presence in the Caspian region where it already holds a 30% stake in the Absheron gas field alongside the State Oil Company of Azerbaijan (Socar) and a 38% interest in Turkmenistan’s offshore Block I concession. Socar, in turn, owns a 3% stake in Abu Dhabi’s SARB and Umm Lulu concessions, acquired from Adnoc in 2024.

Expanding east and west: XRG is also said to be in early talks to invest in Argentine energy firm YPF’s LNG project, which aims to produce 28 mn tons a year. The discussions are part of XRG’s broader push into LNG across the US, Latin America, and Asia.

IN OTHER SOCAR TIE-UPS-

Oil and gas company Dragon Oil signed an agreement with Azerbaijani Socar and Socar Trading to expand joint cooperation across exploration, production, development, marketing, and potential projects in oil and gas, Al Khaleej reports. The partnership supports Dragon Oil’s international expansion agenda and aligns with UAE-Azerbaijan strategic energy cooperation, and the focus on the Caspian markets.

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