During the Baku Energy Week and the 1st Azerbaijan–US Economic Dialogue, the Ministry of Economy of the Republic of Azerbaijan and SOCAR signed a series of significant agreements and memoranda with leading companies and institutions from the US, Türkiye, Serbia, San Marino, and France. The agreements, covering economy, energy, investment, and digital technologies, have a total financial value of approximately $8 billion.
According to the Operative Information Center-OMM, these contracts signal a transition in Azerbaijan-US relations from traditional energy partnerships to a strategic, diversified, and high-tech economic alliance.
The protocol of the 1st Azerbaijan–US Economic Dialogue and the $8 billion portfolio demonstrate that economic relations between the two nations have moved to a more systematic, high-level, and institutional platform. This development reflects strong confidence from global financial giants like JP Morgan and Apollo Global Management, as well as energy leaders such as Chevron and Comstock Resources, in the stability and long-term capital potential of the Azerbaijani economy.
Among the key documents is a framework agreement between Azerbaijan and the US on the "Securing supply in the extraction and processing of critical minerals and rare earth elements," signed by Minister of Economy Mikayil Jabbarov and US Deputy Assistant Secretary of State for Energy Resources Caleb Orr.
Additionally, SOCAR, TotalEnergies, XRG, and BOTAŞ signed an agreement for the long-term sale of 50 percent of the natural gas produced from the full-scale development of the Absheron gas-condensate field (30 billion cubic meters) to the Turkish market over 15 years. Other notable agreements include a joint venture framework for a gas power plant in Niš, Serbia, between SOCAR and the Electric Power Industry of Serbia (EPS), as well as a memorandum of understanding with Shell covering efficiency improvements, new field exploration, and artificial intelligence integration.
Baku Energy Week serves as a premier international platform for the energy sector in the Caspian region. Since its inception, it has played a pivotal role in facilitating major energy projects, including the Southern Gas Corridor, which connects Azerbaijan to European markets, thereby enhancing regional energy security.
