BAKU, Azerbaijan, September 26. The
State Oil Company of Azerbaijan (SOCAR) and Apollo will explore
opportunities for investments in upstream projects, SOCAR reported
on Saturday.
"The Memorandum of Understanding between SOCAR and
Apollo on a strategic partnership for investment in upstream
development and production projects provides for the evaluation and
structuring of potential investments by Apollo-managed funds in
SOCAR’s interests in upstream development and production projects,
the establishment of joint working groups for this purpose, the
conduct of legal, financial and technical due diligence, and the
preparation of definitive agreements," the company said.
In early June, during Baku Energy Week 2026, SOCAR
and Apollo signed a strategic cooperation agreement on the TANAP
project. Under the agreement, Apollo acquired a minority
non-controlling stake in the holding company that owns SOCAR
Türkiye's 7% stake in TANAP.
The parties also signed a Memorandum of Understanding
to expand cooperation in energy financing. The document provides
for increasing the existing TANAP financing facility to $300
million, as well as exploring financing opportunities for other
SOCAR Group assets.
Earlier, Apollo Global Management Head of Global
Structured Finance Jamsheed Ehsani said during the seventh annual
Caspian Business Forum organized by the Caspian Policy Center (CPC)
in New York that discussions were underway on financing major
energy projects in Azerbaijan and abroad.
