“XRG” signs a deal to acquire a stake in the “Southern Gas Corridor” company

Today, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, and Ilham Aliyev, President of the Republic of Azerbaijan, witnessed the signing ceremony of the final agreements between “XRG” and the Ministry of Economy of Azerbaijan, in cooperation with “Azerbaijan Investment Holding” and the National Oil Company of Azerbaijan “SOCAR”, according to which “XRG” will acquire a stake in the “Southern Gas Corridor” company.

The agreements were signed during the ceremony that took place at Al Shati Palace by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Executive Board of Directors of XRG, and Mikail Japarov, Minister of Economy of the Republic of Azerbaijan, and Chairman of the Supervisory Board of the National Oil Company “SOCAR.”

XRG’s investment in the Southern Gas Corridor Company is an important step that contributes to consolidating the growing partnership between the UAE and Azerbaijan in energy projects, and strengthening relations between the two friendly countries and their efforts to achieve common goals by enhancing regional energy security, deepening economic cooperation, and developing strategic energy infrastructure at the international level.

The “Southern Gas Corridor” project is a vital export network whose operating assets include natural gas production facilities and a pipeline network extending from Azerbaijan through Turkey to European markets via the “South Caucasus Pipeline,” the “Anatolia Pipeline,” and the “Adriatic Sea Pipeline.” This network contributes to ensuring the stability and diversification of energy sources in Europe, and enhancing Azerbaijan’s role as a reliable partner in the energy sector.

On this occasion, Dr. Sultan Ahmed Al Jaber said: “In line with the vision of the wise leadership to strengthen partnerships that contribute to ensuring energy security and supporting economic growth, these agreements were signed that consolidate the growing strategic partnership between the UAE and the Republic of Azerbaijan. This step confirms XRG’s commitment to transforming energy and resources into engines of growth and meeting demand in the long term, as the Southern Gas Corridor supports the stability of energy supplies, meets the requirements of economic growth, and enhances progress in implementing XRG’s growth strategy.” Expansion and investment in high-quality infrastructure contributes to creating sustainable value and supports global progress and prosperity.”

For his part, Mikail Japarov said: “We welcome XRG’s investment in the ‘Southern Gas Corridor’ project, and we also look forward to strengthening and deepening cooperation with it in the future.” Pointing out that the agreements confirm the pivotal role of the Republic of Azerbaijan as a reliable partner in the field of energy for global markets, and also support the implementation of our long-term vision to achieve sustainable economic development.

He added: “In cooperation with our partners, we continue to consolidate the foundations of regional connectivity and build strong foundations to enhance future growth.