SOCAR’s most rev­enues come from for­eign busi­ness

Azer News - - Business - By Sara Is­rafil­bay­ova

In re­cent years, SOCAR has turned into a global com­pany, ac­tiv­i­ties of which are not so much de­pen­dent on oil pro­duc­tion in Azerbaijan.

More than 90 per­cent of the rev­enues of the State Oil Com­pany of Azerbaijan Re­pub­lic (SOCAR) brings busi­ness out­side the coun­try, Deputy Head of the Public Re­la­tions and Public Re­la­tions De­part­ment of the SOCAR Ibrahim Ah­madov said dur­ing a press con­fer­ence ded­i­cated to the 25th An­niver­sary In­ter­na­tional Caspian Oil&Gas Ex­hi­bi­tion and Con­fer­ence Baku.

Ac­cord­ing to him, SOCAR to­gether with its part­ners is ac­tively work­ing out­side the coun­try.“SOCAR has be­come a global com­pany and now it is the lead­ing in­vestor in Turkey, work­ing in Ge­or­gia, Switzer­land, Ukraine and a num­ber of Euro­pean Union coun­tries,” Ah­madov stressed.

At the first stage Az­eri Light oil was rec­og­nized, which makes it pos­si­ble to sell it on world mar­kets at a higher cost than Brent and Urals.

“As a re­sult, in five years, the in­come from the sale of Azer­bai­jani Az­eri Light oil ex­ceeded $ 1.7 bil­lion,” he noted.

Ac­cord­ing to the SOCAR rep­re­sen­ta­tive, the com­pany’s ac­tiv­i­ties are not so much de­pen­dent on oil pro­duc­tion in Azerbaijan. “Of the 108 mil­lion tons of oil and pe­tro­leum prod­ucts sold in 2017, 86 mil­lion ac­counted for the prod­ucts of third par­ties. In gen­eral, more than 90 per­cent of the com­pany’s rev­enues are formed at the ex­pense of busi­ness out­side the coun­try,” Ah­madov said.

SOCAR is a wholly state-owned na­tional oil com­pany head­quar­tered in Baku, Azerbaijan. The com­pany pro­duces oil and nat­u­ral gas from on­shore and off­shore fields in the Azer­bai­jani sec­tion of the Caspian Sea.

SOCAR in­cludes three pro­duc­tion as­so­ci­a­tions, one oil re­fin­ing and gas pro­cess­ing en­ter­prise, an oil flotilla, a deep-wa­ter base plant, two trusts, one in­sti­tute, and 23 struc­tures.

SOCAR es­tab­lished joint com­pa­nies (in­clud­ing Ge­or­gia and Turkey), al­liances, op­er­at­ing in var­i­ous sec­tors of oil and gas spheres.

SOCAR has rep­re­sen­ta­tive of­fices in Ge­or­gia, the U.S., Turkey, Ro­ma­nia, Aus­tria, Switzer­land, Kaza­khstan, Great Bri­tain, Iran, Ger­many, Ukraine, Bel­gium and Canada.

In to­tal, in 2017 38.69 mil­lion tons of oil was pro­duced in Azerbaijan, 7.42 mil­lion tons of which ac­counts for SOCAR.

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