Azerbaijan, US Deepen Economic Partnership with $7.5 Billion Agreements Signed During Baku Energy Week

Baku, The Gulf Observer: Azerbaijan and the United States elevated their economic cooperation to a new institutional level with the signing of agreements and memoranda worth a combined $7.5 billion during Baku Energy Week and the inaugural Azerbaijan–US Economic Dialogue.

The Ministry of Economy of Azerbaijan and the State Oil Company of Azerbaijan Republic (SOCAR) signed a series of strategic agreements with leading companies and organizations from the United States, Türkiye, Serbia, San Marino and France, covering key sectors including energy, investment, mining, digital technologies and infrastructure.

Officials described the signing of the protocol of the First Azerbaijan–US Economic Dialogue, together with the $7.5 billion investment portfolio, as a clear indication that bilateral economic relations have entered a more systematic, high-level and institutional phase.

The agreements were further reinforced by major financial commitments involving SOCAR and the Trans-Anatolian Natural Gas Pipeline (TANAP) project with global financial institutions and energy companies, including JP Morgan, Apollo Global Management, Chevron and Comstock Resources, highlighting strong international confidence in Azerbaijan’s economic stability and long-term growth potential.

Among the key documents signed was the “Azerbaijan–United States Framework for Securing Supply in the Mining and Processing of Critical Minerals and Rare Earths.” The agreement was signed by Azerbaijan’s Minister of Economy Mikayil Jabbarov and U.S. Assistant Secretary of State for Economic, Energy and Business Affairs Caleb Orr.

In the energy sector, SOCAR, TotalEnergies, XRG and BOTAŞ signed a long-term agreement for the sale of 50 percent of the natural gas to be produced from the full-scale development of the Absheron gas-condensate field to the Turkish market over a 15-year period. The agreement covers approximately 30 billion cubic meters of natural gas.

SOCAR and Serbia’s Elektroprivreda Srbije (EPS) also signed key documents related to the development of a gas-fired combined-cycle power plant project in the Serbian city of Niš, including a joint venture shareholders’ agreement and a commercial term sheet outlining the project’s framework.

A Memorandum of Understanding between SOCAR and Shell established a framework for potential cooperation in upstream and downstream energy projects, LNG development, artificial intelligence applications, technological innovation and human capital development.

SOCAR further expanded its international partnerships through an agreement with San Marino’s AASS for natural gas supplies beginning in October 2026, as well as memoranda with U.S.-based Comstock Resources and JP Morgan aimed at strengthening cooperation in gas field development, infrastructure investments and strategic project financing.

In another significant development, SOCAR and Chevron signed a Joint Study Agreement to assess the oil and gas potential of Azerbaijan’s sector of the Middle Caspian Basin.

The company also concluded strategic financing agreements with Apollo Global Management and Apollo Capital Management to support the TANAP project and explore additional financing opportunities for SOCAR Group assets.

Beyond energy, SOCAR signed a cooperation memorandum with The George Washington University under the “Washington Hub” platform to promote joint initiatives and academic collaboration.

The company also signed an agreement with Haimaker.ai to cooperate on the development of artificial intelligence cloud infrastructure, underscoring Azerbaijan’s growing focus on digital transformation and advanced technologies.

Meanwhile, Azerbaijan’s Ministry of Economy and Oracle signed a Memorandum of Understanding to establish a framework for future cooperation in digital and technological fields.

SOCAR and Lummus Technology also entered into a Strategic Cooperation Agreement covering oil refining, petrochemicals, engineering services, technological infrastructure development and licensing processes, including support for the Petkim Master Plan project.

The protocol of the First Azerbaijan–US Economic Dialogue, signed by Minister Mikayil Jabbarov and Assistant Secretary Caleb Orr, formally recorded the outcomes of the dialogue and reaffirmed both countries’ commitment to expanding economic and strategic cooperation.

The extensive package of agreements signed during Baku Energy Week is expected to strengthen Azerbaijan’s position as a regional energy hub while advancing investment, innovation and international economic partnerships.