Azerbaijan’s state-owned energy company, the State Oil Company of the Republic of Azerbaijan (SOCAR), could increase the country’s foreign direct investment in Africa by hundreds of millions of dollars in 2026 through its latest energy deal in Côte d’Ivoire, according to a senior SOCAR Trading executive.
Togrul Kocharli, Head of Global Business Development at SOCAR Trading, said on September 25 that the impact of the deal should become visible in Azerbaijan’s 2026 investment figures because it was completed only in September. He described the expected increase in FDI in Africa as significant but did not provide a precise figure.
SOCAR completed the acquisition of a 10% stake in the Baleine oil and gas project from Italy’s Eni on September 16, after receiving the required regulatory approvals. The project is now owned by Eni with a 37.25% stake, Vitol with 30%, PETROCI with 22.75% and SOCAR with 10%. The acquisition marks SOCAR’s entry into Africa’s upstream oil and gas sector.
Baleine is one of Côte d’Ivoire’s largest offshore energy developments. Production began in 2023, and the project currently produces about 60,000 barrels of oil and 70 million cubic feet of associated gas per day. Phase 3 is expected to raise output to 150,000 barrels of oil and 200 million cubic feet of gas per day.
The project is also entering a major new development phase. In May, Côte d’Ivoire approved a $4 billion investment for Phase 3, with total planned investment in Baleine expected to reach $10 billion across its three development phases, according to Eni and Ivorian officials. The Phase 3 spending should not be confused with the value of SOCAR’s 10% acquisition, which has not been publicly disclosed.
For SOCAR, the Côte d’Ivoire deal could be the beginning of a broader push into African energy assets. Kocharli said the company sees growth potential in acquisitions and plans to become more active in West Africa, Sub-Saharan Africa and North Africa. SOCAR Trading has maintained commercial relationships with African markets for more than 15 years, while the Baleine acquisition gives SOCAR a direct upstream position on the continent.
If further energy-asset acquisitions follow, SOCAR could become a more significant channel for Azerbaijan’s direct investment in African energy markets.
