Azerbaijan intends to expand its participation in Israel's energy sector

Published: 2025-03-07 10:58

"Azerbaijan State Oil Company (SOCAR) is set to increase its involvement in Israel's energy industry. SOCAR, as the operator in a consortium with British Petroleum (BP) and Yitzhak Tshuva's NewMed Energy to search for gas in Block I in the northwest of Israel's economic waters, will sign a work plan with Israel's Ministry of Energy and Infrastructure in two weeks. One of the major players behind SOCAR's expansion of activities in Israel is NewMed Energy CEO Yossi Abu, whose efforts will bear fruit in the upcoming signing ceremony, which will be attended by a senior Azerbaijan government figure. SOCAR's latest move comes after Israeli businessman Aaron Frenkel's huge deal earlier this year in which he agreed to sell half of his 10% stake in the Tamar gas field to the Azerbaijani energy company," according to the financial newspaper Globes.

By Azerbaijani-Israeli Alliance Global News