Azerbaijani energy company GL Group plans to launch an initial public offering (IPO) within the next 18–24 months, Asif Zeynalov, Chief Executive Officer at GL Group and Chairman of the company's Advisory Board, said at the 31st Baku Energy Forum.
Report quotes Zeynalov as saying GL Group is Azerbaijan's first private oil and gas company and currently operates across five fields in the country.
"We have built a very strong partnership with SOCAR, which we are proud of. We own a technical services company in Azerbaijan, hold a 25% stake in a tight gas production project in Türkiye, and a 25% shareholding in a Canadian company. We are currently expanding into the US market and negotiating new deals in the Middle East and Asia. In Azerbaijan, we feel confident and continue to grow our operations. We would also like to engage in exploration activities, as the conditions here are highly favorable. Discussions are ongoing, and no agreements have yet been reached," Zeynalov said.
He added that the company will announce its transition to the pre-IPO stage as early as next month.
"Our goal is to complete an IPO within the next 18–24 months. In addition, by the end of the year we expect to increase the number of operating drilling rigs from one to four, deploy five workover rigs, and possibly introduce coiled tubing units," the company executive noted.
The planned IPO and international expansion strategy reflect GL Group's ambition to strengthen its position both in Azerbaijan and in key global energy markets, including the United States, Asia and the Middle East.