TODAY.AZ / Business

SOCAR's most revenues come from foreign business

25 May 2018 [13:07] - TODAY.AZ

By Azernews

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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