BAKU, Sept. 25 — Azerbaijan’s direct investment in Africa could reach hundreds of millions of dollars in 2026 after state energy company SOCAR acquired an interest in an energy project in Côte d’Ivoire.
Togrul Kocharli, head of SOCAR’s international development department, presented the estimate at the Azerbaijan International Investment Forum, according to Vesti Baku.
SOCAR completed the transaction in September. The company acquired a 10% participating interest from Eni in Côte d’Ivoire’s Baleine oil and gas project, marking SOCAR’s entry into African oil and gas production. The transaction price was not disclosed.
Expansion Across Three Regions
Kocharli said SOCAR planned to expand its presence in West Africa, North Africa and sub-Saharan Africa.
The company is continuously assessing new commercial and investment opportunities, he said, describing the strategy as a long-term effort to strengthen SOCAR’s position in African energy markets rather than a single acquisition.
After completion of the Baleine transaction, project interests are expected to be held by Eni with 37.25%, Vitol with 30%, Côte d’Ivoire’s Petroci with 22.75% and SOCAR with 10%, according to Eni information reported by Today.Az.