XRG seeks to expand presence in Azerbaijan

XRG, the global investment arm of Abu Dhabi National Oil Company (UAE), is in talks with Azerbaijan to expand its presence in the country, Bassem Tadros, Senior Vice President of Asset Management at XRG, said during a forum held as part of Baku Energy Week, according to Report.

"Over the past year and a half, we started with the jewel in the crown: our presence in Azerbaijan through our partnership with the SOCAR team. We are partners in the Absheron project, have signed an agreement to acquire a stake in the Southern Gas Corridor, and are also in discussions to expand our presence here in Azerbaijan," Tadros said.

According to him, energy projects-especially cross-border ones-are highly complex, capital-intensive, and involve significant risks.

"These projects require expertise in resource development, project execution, financing, commercial negotiations, and stakeholder engagement. Partnerships help mitigate risks and enable faster and more efficient project delivery. This is what we have been doing over the past year and a half and will continue to do, starting with Azerbaijan, where we already have a presence and a strong position," the senior vice president added.

Key assets mentioned by Tadros include the Absheron Gas Field and the Southern Gas Corridor, underscoring XRG's growing role in Azerbaijan's energy sector.