Six Strategic Projects To Be Completed By SOCAR

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 established joint companies, 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.

By Shawn Wayne