SOCAR expands into US gas market through Comstock Resources deal

SOCAR has entered into an agreement with the US-based Comstock Resources to acquire stakes in gas assets located in the United States. According to S&P Global Ratings, the partnership will provide Comstock with access to international gas markets and liquefied natural gas (LNG) opportunities, potentially expanding its sales channels and downstream marketing capabilities.

For Comstock Resources, the deal is expected to help compensate for free cash flow deficits experienced earlier this year and improve financial metrics. The company may use the proceeds to reduce debt or fund corporate objectives, including the development of 545,000 net acres in Western Haynesville. Comstock will remain the operator of the involved assets.

Economists note that the deal represents a strategic expansion for SOCAR, moving the company beyond its traditional Caspian Sea operations into the US shale gas sector. SOCAR will acquire a 20 percent stake in Comstock's assets, including a 15 percent stake in the Western Haynesville project. This move is seen as a way to diversify SOCAR's geographic footprint and participate in the growing importance of the US gas market in the global energy landscape.