24 Hrs
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الاقتصادية
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Source: الاقتصادية
24 Hrsالاقتصادية
Source: الاقتصادية
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Energy Manufacturing and Services Company 'Taqa,' affiliated with Saudi Arabia's Public Investment Fund, has signed a Memorandum of Understanding with Azerbaijan's State Oil Company 'SOCAR' and other firms to develop oil and gas fields in Azerbaijan. This move paves the way for entry into the Caspian Sea maritime market as part of its global expansion strategy. The collaboration follows negotiations that included opportunities in oil and gas field activities and services, aiming to strengthen the company's presence in the Caspian region—a seismically rich area with substantial hydrocarbon reserves. Azerbaijan's oil reserves are estimated at around 7 billion barrels, with natural gas exceeding 2.5 trillion cubic meters. 'Taqa' anticipates that Azerbaijan will serve as a launching platform for its expansion into Central Asia, leveraging the region's resources and its strategic location as a key conduit for transferring oil and gas to European markets. The focus will be on developing fields and boosting production, supporting Saudi Arabia's goals of diversifying its revenue sources and capitalizing on global opportunities in the energy sector.
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