Tag Archives: SOCAR

The State Oil Company of Azerbaijan (SOCAR) has announced plans for development in the Garabagh and Eastern Zangazur economic regions, Azernews reports, citing the SOCAR’s 2023 Sustainable Development Report. SOCAR stated that it is ready to develop Garabagh and Eastern Zangazur as carbon-neutral zones, and outlined the following measures to achieve this: …

The State Oil Company of Azerbaijan (SOCAR) is spearheading its energy transition strategy through proactive discussions with Yokogawa Europe B.V. SOCAR President Rovshan Najaf and Yokogawa Europe B.V. President Seita Hagihara have actively pursued opportunities for deeper cooperation in decarbonization and sustainable energy. Azerbaijan is dedicated to aligning its energy …

In 2023, the “Azerigas” Production Union of the State Oil Company of Azerbaijan (SOCAR) constructed gas pipelines in 24 settlements across territories liberated from occupation, Azernews reports, citing the company. As part of the “State Program on the Great Return to the Territories Freed from Occupation of the Republic of Azerbaijan,” gas …

The forecasted cash generation of the State Oil Company of Azerbaijan (SOCAR) of around 2 billion manats ($1.176 billion) over 2024-25 should be sufficient to cover estimated debt maturities of 9.3 billion manats ($5.47 billion) over this period, according to the rating action of the Moody’s international rating agency, according …

In the first quarter of this year, “SOCAR Ukraine,” a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR) in Ukraine, was the leading company in terms of tax payments from fuel sales, Azernews reports, citing “Unian”. This was revealed in a study conducted by specialists from the Ukrainian …

SOCAR and the French oil and gas company TotalEnergies have closed a deal to each sell 15% of shares in the Absheron gas field development project in the Azerbaijani sector of the Caspian Sea to ADNOC from the UAE, Azernews reports, citing TotalEnergies. The company said that with the closing of the …

On December 15, the State Oil Company of Azerbaijan (SOCAR) and BP Azerbaijan announced a joint initiative to reduce methane emissions in Azerbaijan. The collaboration is part of the Advancing Global Methane Reduction (AGMR) initiative, which is part of the Methane Guiding Principles (MGP), Azernews reports. The initiative focuses on instigating methane …

On December 11, 2023, the President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovshan Najaf met with the delegation of Mizuho Financial Group, one of the largest bank holdings in Japan, Azernews reports. At the meeting, satisfaction was expressed with the long-term effective activities of Japanese companies in Azerbaijan, …

Prospects for expanding mutual cooperation in the energy sector between the State Oil Company of Azerbaijan (SOCAR) and the Bolivarian Republic of Venezuela have been discussed, Azernews reports. With reference to SOCAR, this became known during the meeting of SOCAR President Rovshan Najaf with Ambassador Extraordinary and Plenipotentiary of Venezuela to Azerbaijan, …

SOCAR’s stand has been highly appreciated at the XXVIII International Conference and Exhibition “Oil and Gas of Turkmenistan-2023,” Ambassador of Azerbaijan to Turkmenistan Gismat Gozalov wrote on X, Azernews reports. “The international conference and exhibition ‘Oil and Gas of Turkmenistan-2023’ kicked off in Ashgabat. At the event, the stand named SOCAR’s …