SOCAR plans to com­plete six strate­gic projects

Azer News - - Nation - By Sara Is­rafil­bay­ova

“So far, $30.15 bil­lion has been al­lo­cated to the ini­tia­tive of the South­ern Gas Cor­ri­dor (SGC), of which $ 8.85 bil­lion was fi­nanced by the South­ern Gas Cor­ri­dor CJSC.

Pres­i­dent of the State Oil Com­pany of Azer­bai­jan (SOCAR) Rov­nag Ab­dul­layev wrote in the ar­ti­cle for spe­cial is­sue of the news­let­ter on the Euro­pean Con­ser­va­tive and Re­form­ers Al­liance sum­mit in Baku that the South­ern Gas Cor­ri­dor will play a ma­jor role in pre­serv­ing the en­ergy se­cu­rity of the EU mem­ber states.

“The project, which is be­ing built in three main seg­ments, is com­ing to an end. The Trans-Adri­atic Pipe­line (TAP) project is com­pleted by 69 per­cent. To­day, Azer­bai­jan from the coun­try at­tract­ing in­vest­ments turned into a coun­try in­vest­ing cap­i­tal. 24 years ago, Azer­bai­jan made ef­forts to at­tract in­vest­ments es­pe­cially in the oil and gas sec­tor, but now Azer­bai­jan has in­vest­ments in a large vol­ume in Turkey, Ge­or­gia, Switzer­land, Ukraine, Ro­ma­nia and other coun­tries,” SOCAR head said.

Speak­ing of SOCAR’s in­vest­ment ac­tiv­ity abroad Ab­dul­layev noted that Petkim’s net profit has in­creased 9.2 times since 2008, mar­ket value 8.7 times, and the con­struc­tion of the STAR re­fin­ery with an an­nual pro­duc­tion ca­pac­ity of 10 mil­lion tons is un­der­way, which will pro­vide Petkim with raw ma­te­ri­als light and heavy naph­tha.

“This year SOCAR plans to com­plete six strate­gic projects, which will pro­vide ad­di­tional flow of for­eign cur­rency to Azer­bai­jan, cre­ate con­di­tions for open­ing new work­places, eco­nomic de­vel­op­ment,” Ab­dul­layev stressed.

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.

The com­pany 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. It 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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