GL plans pre-IPO announcement next month, CEO says

Azerbaijan’s GL Group plans to announce a pre-IPO process next month and aims to complete an initial public offering within 18 to 24 months, Chief Executive Asif Zeynalov said.

Speaking at Baku Energy Week, Zeynalov said GL Group operates five fields in Azerbaijan and is the country’s first privately owned company with gas assets.

He said the company has a partnership with SOCAR.

He added that the company expects to expand from one drilling rig to four drilling rigs by the end of the year, alongside five workover rigs.

Zeynalov said Azerbaijan offers opportunities in conventional and unconventional oil and gas, mature assets and exploration, supported by existing pipeline infrastructure and a stable investment environment.

N.Tebrizli