Togrul Kocharli: SOCAR plans to strengthen its position in African markets

The volume of Azerbaijan's foreign direct investment (FDI) in African states will show significant positive dynamics in 2026, reaching hundreds of millions of dollars, Head of the Global Business Development Department at the State Oil Company of Azerbaijan (SOCAR) Togrul Kocharli said at the Second Azerbaijan International Investment Forum (AIIF 2026), Report informs.

He clarified that the main driver of this growth will be the transaction, completed in September, involving the acquisition of an energy asset in Côte d'Ivoire by the Azerbaijani state-owned company.

"In September, SOCAR's deal to acquire an asset in Côte d'Ivoire was finalized. Based on this, I expect the data for 2026 to demonstrate a noticeable increase in Azerbaijan's foreign direct investments in Africa - up to hundreds of millions of dollars," Kocharli emphasized.

According to him, SOCAR aims to significantly expand its operations on the African continent, striving to secure a stronger foothold in the markets of West Africa, Sub-Saharan Africa, and North Africa.

As the company representative noted, SOCAR is continuously working to identify new commercial and investment prospects in the region.

"We intend, at least on behalf of SOCAR, to take a more active role in African markets, whether in West Africa, Sub-Saharan Africa, or North Africa, where we are constantly exploring new opportunities," Kocharli said.