Russia has re-routed most of its oil to India and China since the start of the war in Ukraine in 2022 as Moscow and Europe - once its main commodity export market and source of revenue - severed ties.

SOCAR already owns the Petkim petrochemical complex and the STAR oil refinery in Turkey, and the acquisition further expands the company's footprint in the country's energy sector.

The ministry reported that 4,000 MW–4,500 MW of power have been lost from the electrical system as a result of the halt to Iranian gas supplies.

This would mark the Southeast Asian nation's return to the LNG import market, after shipments were halted amid the civil war.