Abu Dhabi, Feb 3: XRG, the investment arm of Abu Dhabi National Oil Company (ADNOC), has signed an agreement with the Azerbaijani Ministry of Economy to acquire a stake in the Southern Gas Corridor, Emirati media reported.
The agreement was signed in Abu Dhabi in the presence of UAE President Mohamed bin Zayed Al Nahyan and Azerbaijani President Ilham Aliyev.
The deal is subject to a number of preconditions, including obtaining customary regulatory and antitrust approvals, the WAM news agency reported on Monday.
The size of the stake being acquired and other details of the transaction were not disclosed.
The Southern Gas Corridor includes natural gas production assets and a 3,500-kilometer pipeline network from the Caspian Sea through Georgia and Turkey to Southern Europe with a current supply capacity of up to 26 billion cubic meters per year, the report noted.
UAE Acquires Stake in Southern Gas Corridor From Azerbaijan – Reports
