BAKU, Azerbaijan, June 3. XRG is considering increasing its investments in Azerbaijan, the Managing Director of XRG Asset Management, Bassem Tadros said at the Baku Energy Forum, Trend reports.
According to him, Azerbaijan has a unique potential to attract investment due to its resources, rapidly developing market, and young, talented population.
“When we look at Azerbaijan, we see not only a country with rich oil and gas resources, but also a territory ideally suited for the development of renewable energy sources - from geothermal energy to biomass,” he noted.
He also emphasized that XRG is already implementing a strategic partnership in Azerbaijan, participating together with the State Oil Company of the Republic of Azerbaijan (SOCAR) and TotalEnergies in the development of the Absheron gas condensate field.
“We are working, offering creative, technical, and commercial solutions. However, this is just the beginning - we are discussing new projects with SOCAR and other partners and expect progress in the coming months,” Tadros added.
XRG is a subsidiary of Abu Dhabi National Oil Company (ADNOC).