SOCAR’s US gas deal advances Azerbaijan’s ambitions as global energy investor

SOCAR’s $1.65 billion agreement with Comstock Resources reshapes the geography of Azerbaijan’s energy investments. By acquiring interests in the Legacy Haynesville and Western Haynesville upstream assets and a share of Pinnacle Gas Services, Azerbaijan’s state oil company is purchasing exposure to the United States’ natural gas economy. The central question is how effectively it converts national capital into durable foreign earnings and a stronger international position.