SOCAR President Rovshan Najaf held a meeting with Musabbeh Al Kaabi, the Executive Director of the Abu Dhabi National Oil Company (ADNOC). "It was noted at the meeting that the agreement signed in August this year between SOCAR, 'TotalEnergies' and ADNOC on the sale of a 30% stake in the Absheron gas condensate field development project is aimed at further strengthening strategic relations between Azerbaijan and the UAE and full-scale cooperation," SOCAR said. The meeting also touched upon the progress of the implementation of the next stage of the Absheron project, low-carbon solutions and renewable energy projects. In addition, the parties noted that ADNOC contributed to the development of renewable energy through its investments in Masdar, which in turn implements renewable energy projects with a total capacity of 10 GW in Azerbaijan. "An exchange of ideas in the field of clean energy in the UAE and other issues of mutual interest took place around this," the State Oil Company emphasizes. On August 4, 2023, the Abu Dhabi National Oil Company (ADNOC) acquired a 30% equity interest in the Absheron project - 15% each from SOCAR and 'TotalEnergies.' After the transaction is completed, the shares of SOCAR and 'TotalEnergies' in the 'Absheron' project will amount to 35% each

Source: Turan News Agency