Major global companies in Azerbaijan across sectors
Azerbaijan has become a hub for a wide range of international groups and enterprises. Below is a curated overview of the most influential foreign and domestic firms operating in key sectors, underscoring Azerbaijan’s economic diversity and global connectivity.
Energy, oil & gas
Socar (State Oil Company of the Republic of Azerbaijan)
The fully state‑owned SOCAR dominates Azerbaijan’s energy landscape. In 2022, it posted revenues of AZN 119.2 billion, net income of AZN 9.4 billion, and assets of AZN 80.8 billion, with operations spanning production, refining, petrochemicals, downstream retail and international networks.
BP & Exxon Mobil
Leading international oil majors are deeply invested. BP is operator of the Shah Deniz gas field (owning 29.9%) and in June 2025 confirmed a US$2.9 billion expansion to add 50 bcm gas and 25 million barrels of condensate by 2030. Exxon Mobil has agreed new exploration partnerships with SOCAR to develop onshore resources.
Nobel energy / Neqśol Holding
Nobel Energy, part of NEQSOL Holding, provides drilling, engineering and logistics services across the Caspian region and beyond. NEQSOL also owns telecom and construction assets such as Bakcell and Norm Cement.
Acwa Power & Masdar
Major players in renewable energy delivering solar and wind projects. ACWA Power has expanded in Azerbaijan via strategic energy agreements, while Masdar (UAE) contributes to renewables portfolio development.
Telecom & technology
Neqsol Holding (Bakcell, Caucasus Online)
NEQSOL expanded into telecom with Bakcell (mobile operator with over 2 million users) and Caucasus Online, owner of the fiber-optic Black Sea cable system linking Azerbaijan with Georgia and Europe.
Baku Electronics (NAB Holding)
A premier electronics and retail group distributing global brands like Samsung, Apple, Huawei, Bosch, among others, via over 30 stores across Azerbaijan.
Infrastructure & Construction
Baku Shipyard (AZCON Holding, SOCAR, Keppel)
The largest shipyard on the Caspian Sea, capable of producing 25,000 tons of metal structures annually. It builds vessels and offshore infrastructure essential for Azerbaijan’s energy and transport sectors.
Italian contractors (Saipem, Ansaldo, Technip, Maire)
Italian engineering firms are active in energy and infrastructure projects, such as the Mingachevir power plant renovation. Ansaldo Energia supplied four Genova‑built turbines that cover over 20% of Azerbaijan’s energy needs.
Finance & investment holdings
Pasha Holding, Gilan Holding, Azercapital, Azerbaijan Investment Company (AIC)
These investment management groups dominate the financial sector. They lead investments across banking, real estate, infrastructure and energy, opening pathways for foreign partnerships and projects .
Unibank
A major local bank offering comprehensive services to domestic and international corporate clients and playing a role in foreign direct investment flows.
Impact and opportunity
Foreign direct investment reached approximately US$7 billion in 2024, with large contributions from the UK, Turkey, Hungary, and Cyprus. Though the hydrocarbon industry remains dominant, the government is actively promoting diversification into sectors such as ICT, tourism, agriculture, and transport infrastructure.
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