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The State Oil Company of the Azerbaijani Republic (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity state stake in Tamar, one of the biggest gas fields in the Mediterranean Sea, SOCAR said in a statement.
"SOCAR signed an agreement with Union Energy to acquire a 10% stake in the Tamar project on January 31, 2025," it said.
SOCAR noted that the agreement will come into effect upon fulfillment of certain conditions, including obtaining the necessary regulatory and other approvals.