SOCAR not considering IPO at present

The State Oil Company of Azerbaijan (SOCAR) is currently not considering the possibility of conducting an IPO, SOCAR Vice President Afgan Isayev said in an interview with Euronews, according to Report.

"We do divest certain assets. Like, for example, last year we sold 5% in Shah Deniz project to MVM Energy company, one of the global players in the energy market. As the second example, we have Absheron gas field where SOCAR and TotalEnergies were the shareholders. So in 2023, Total and SOCAR divested certain parts to Abu Dhabi National Oil Company (ADNOC)," Isayev said.

Speaking about acquisition opportunities, the SOCAR vice president recalled that last year the company managed to acquire a share in a gas field in the UAE.

"This year, we are able to complete the transaction and acquire the shares in Tamar gasfield in the East Mediterranean, which is also a very important strategy for our development abroad. And, of course, if the opportunities present themselves, if they are mutually beneficial, we will consider the further acquisitions," Isayev concluded.