The National Oil Company of Abu Dhabi has bought a 12.5% stake in the 3,500-kilometer gas transmission pipeline from the Republic of Azerbaijan to Europe, known as the “Southern Corridor.”

The company had also purchased 30% of the stake in the Azeri Absheron field, the second huge gas field in the Caspian Sea, in 2023, and last year it acquired 38% of a share in a Turkmen offshore gas project.

Emirati company Dragon Oil has been developing Turkmenistan’s offshore fields for more than two decades and has invested up to $5 billion in these projects to date.

According to a report by the customs authority of the Republic of Azerbaijan, in the first eight months of the current year, this country exported more than 16 billion cubic meters of gas, with 84% of it destined for Turkey and Europe, and the rest going to Georgia and Syria.