Abu dhabi: ADNOC’s international energy investment arm, XRG, has signed a non-binding agreement for the acquisition of a stake in Azerbaijan’s ‘Southern Gas Corridor’ Closed Joint-Stock Company. This agreement was made during the ADIPEC exhibition held in the United Arab Emirates, as announced by the Ministry of Economy of the Republic of Azerbaijan to APA-Economics.

According to Azeri-Press News Agency, the agreement aligns with a previously exchanged ‘Memorandum of Understanding on Investment in the Southern Gas Corridor.’ This memorandum was part of discussions held between the President of Azerbaijan, Ilham Aliyev, and the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, during the latter’s visit to Azerbaijan in September.

The signing of the agreement involved key figures, including the Minister of Economy and Chairman of the Supervisory Board of SOCAR, Mikayil Jabbarov, and XRG’s Executive Chairman and Chief Executive Officer, Sultan Al Jaber.