The UAE’s ADNOC oil company announced Friday possessing 30 percent of Azerbaijan’s Absheron gas field, with the aim of enhancing its presence and development in the global gas markets.

In a news statement, the company said the move also aims to boost strategic partnership between the UAE and Azerbaijan.

The deal is subject to the customary regulatory approvals, it said.

When the deal is done, the company will possess 30 stake of the field, while the State Oil Company of Azerbaijan, known as SOCAR, and TotalEnergies both have 35 percent shares in the field.

The transaction seeks to contribute to boosting and expanding strategic partnership in energy field between the two countries, as natural gas will play a key role of transitional fuel in the period of transmitting to low-carbon energy, it noted.

Meanwhile, Musabbeh Al-Kaabi, executive director of low carbon solutions and international growth at ADNOC, said the company continues its contributions to meeting the world’s energy needs through developing and producing natural gas from some international sources like Absheron

Source: Kuwait News Agency