Adnoc’s international subsidiary XRG was centerstage at this week’s Adipec, Abu Dhabi’s premium energy event. The firm signed a number of new agreements during the event as it continues its aggressive expansion, including two major gas export agreements. It also expanded its Egypt portfolio (MEES, 7 November).

First was a non-binding Heads of Terms deal on 3 November for XRG to acquire an unspecified stake in Azerbaijan’s Southern Gas Corridor (SGC) CJSC, a joint stock company owned by Socar (51%) and the Ministry of Economy (49%). The company holds Azerbaijan’s stake in the SCP, Tanap and Tap pipelines that can transfer up to 26 bcm/y of gas from Azerbaijan to Europe, as well as upstream assets, including the BP-operated 28.2 bcm/y capacity Shah Deniz field. (CONTINUED - 909 WORDS)

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