BAKU, Azerbaijan, September 26. The State Oil Company of Azerbaijan (SOCAR) and Apollo will explore opportunities for investments in upstream projects, SOCAR reported on Saturday.
"The Memorandum of Understanding between SOCAR and Apollo on a strategic partnership for investment in upstream development and production projects provides for the evaluation and structuring of potential investments by Apollo-managed funds in SOCAR’s interests in upstream development and production projects, the establishment of joint working groups for this purpose, the conduct of legal, financial and technical due diligence, and the preparation of definitive agreements," the company said.
In early June, during Baku Energy Week 2026, SOCAR and Apollo signed a strategic cooperation agreement on the TANAP project. Under the agreement, Apollo acquired a minority non-controlling stake in the holding company that owns SOCAR Türkiye's 7% stake in TANAP.
The parties also signed a Memorandum of Understanding to expand cooperation in energy financing. The document provides for increasing the existing TANAP financing facility to $300 million, as well as exploring financing opportunities for other SOCAR Group assets.
Earlier, Apollo Global Management Head of Global Structured Finance Jamsheed Ehsani said during the seventh annual Caspian Business Forum organized by the Caspian Policy Center (CPC) in New York that discussions were underway on financing major energy projects in Azerbaijan and abroad.
