SOCAR takes another strategic step within its policy of expanding upstream assets abroad. On January 31, 2025, the company signed an agreement with Union Energy to acquire a 10% effective stake in one of the largest and most significant gas fields in the Mediterranean Basin—Tamar, located on Israel’s continental shelf.
The acquisition of a stake in the Tamar field opens new prospects for SOCAR in the Mediterranean region, which plays a key role in the global gas market. Tamar is one of Israel’s largest gas projects, with strategic significance not only due to its production volumes but also because of its potential export opportunities.
According to SOCAR, the deal was concluded under several conditions, including obtaining the necessary regulatory approvals. This acquisition is part of the company’s long-term strategy to expand its presence in international energy projects and develop its upstream business (exploration and production).
SOCAR already has significant experience in managing major energy assets, including oil and gas fields both in Azerbaijan and abroad. Entering the Israeli market demonstrates the company’s commitment to diversification and strengthening its competitive positions in various regions.
The company emphasizes that it intends to continue investing in strategic foreign assets in the future, enabling it to expand its operational geography and enhance SOCAR’s influence in the global energy market.
