SOCAR acquires 10% stake in Israel's Tamar gas field

The State Oil Company of Azerbaijan Republic (SOCAR) has finalized an agreement to acquire a 10% stake in Israel's Tamar gas field, a significant move that enhances its international presence and energy portfolio. This acquisition, which follows SOCAR's strategy to expand its upstream assets, positions the company within one of the Eastern Mediterranean's most critical energy assets, known for its significant gas reserves and export potential. The deal, which has received backing from Chevron, underscores the strengthening diplomatic and economic ties between Azerbaijan and Israel, as well as U.S. interests in stabilizing the region through energy investments. Analysts highlight the strategic importance of Tamar not only for Israeli domestic consumption but also for regional energy security, with exports to neighboring countries like Egypt and Jordan. SOCAR's involvement reflects a broader trend of international investments in the Eastern Mediterranean, aiming to leverage the area's lucrative oil and gas fields. This acquisition aligns with SOCAR's long-term vision of diversifying its operations and enhancing its competitive edge in the global energy landscape.