BAKU, Azerbaijan, September 25. SOCAR's
acquisition of an energy asset in Côte d'Ivoire could increase
Azerbaijan's foreign direct investment (FDI) in Africa by hundreds
of millions of dollars in 2026, Head of Global Business Development
at SOCAR Trading Togrul Kocharli said on Friday at the 2nd
Azerbaijan International Investment Forum in Baku, Trend's correspondent reports
from the event.


He said the deal on SOCAR's acquisition of the asset in Côte
d'Ivoire was completed in September.


“The deal on SOCAR's acquisition of an asset in Côte d'Ivoire
has been completed as of September. This is very recent
information. Therefore, I believe that the 2026 results will show a
significant increase in Azerbaijan's FDI in Africa, and this figure
could amount to hundreds of millions of dollars,” Kocharli
said.


According to him, SOCAR's trade relations with African countries
have been developing for many years.


“Through SOCAR Trading, SOCAR has been building trade relations
with various African countries for more than 15 years. North
Africa, which is part of the Mediterranean region, is
geographically one of the closest markets to us and has become one
of SOCAR's key partners,” he noted.


Kocharli said SOCAR had been cooperating with Libya for many
years, adding that trade turnover between the two countries had
amounted to billions of dollars over the past five years.


“We have been operating in Libya for many years. Over the past
five years, our trade turnover with Libya has probably amounted to
billions of dollars. We purchase large volumes of crude oil from
this country,” he said.


The SOCAR Trading official also described Egypt as an important
partner for SOCAR.


“On the other hand, Egypt is one of the main buyers of liquefied
natural gas (LNG) from SOCAR. SOCAR plays an important role in
ensuring Egypt's energy security,” Kocharli said.


He also highlighted the importance of cooperation with
Tunisia.







“Tunisia is another major buyer of Azerbaijani products. I think
Tunisia is one of the largest buyers of crude oil from the
Azerbaijani region. We are one of the main suppliers to one of the
oil refineries in Tunisia,” he added.


Kocharli said the main growth potential for SOCAR's activities
in Africa was linked to investment projects such as the acquisition
of energy assets.


“We see growth potential in projects such as the deal recently
carried out by SOCAR in Côte d'Ivoire. This involves the
acquisition of energy assets. Previously, SOCAR had an asset in
Benin — a terminal at the Port of Cotonou. This was our first entry
into African markets,” he said.


According to him, SOCAR plans to become more active in the
markets of West Africa, Sub-Saharan Africa and North Africa in the
future.


“We expect the number of such deals to increase. As SOCAR, we
intend to play a more active role in African markets, including
West Africa, Sub-Saharan Africa and North Africa. We feel quite
comfortable looking for new opportunities in North Africa,”
Kocharli said.


He said other Azerbaijani companies were also showing growing
interest in African markets.


“In addition to SOCAR, a number of other major Azerbaijani
companies are exploring business opportunities in Africa. During
state-supported visits to African countries, we also see
representatives of AzerGold and organizations representing other
sectors of the economy,” he said.


Kocharli emphasized that Azerbaijan's trade and investment
turnover with African countries was growing.


“I am sure that statistical indicators show that Azerbaijan's
trade and investment turnover with Africa is increasing, and this
growth will continue in the future,” he added.