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SOCAR Plans to Increase Investment in Innovation, Venture Projects by 2036

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The State Oil Company of Azerbaijan has completed work on the preparation of a development strategy until 2035, says the President of the company, Rovnag Abdullayev, in his article published in the official press on Saturday.

“The development strategy of SOCAR, covering the period until 2035, has been prepared jointly with McKinsey. 

The document will be submitted to the government. Among the main principles of the new strategy there is sustainable development of the company, implementation of an improved effective management system, increased social and environmental responsibility, assessment of the country’s internal needs for fuel and, along with ensuring the company’s profitability, management of the borrowing process,” Abdullayev said.

According to him, the corporate strategy of SOCAR until 2035 provides for the digitalization of the production cycle, an increase in investments in innovation and venture projects, optimization of human resources through re-profiling and advanced training.

“Based on the new strategy, we will once again examine the company’s investment portfolio to ensure business sustainability and improve the efficiency of SOCAR’s operating model. One of the main objectives of the strategy is to increase the share of Azerbaijan in ensuring regional and global energy security, along with meeting in full the country’s internal needs for oil, gas, their refined products and petrochemicals,” Abdullayev said.

The SOCAR President also recalled that currently all over the world, preference is given to renewable energy sources and the transformation processes in this sector are supported.

“Given the promising nature of this course, in the coming years we are focused on low-carbon business and at stimulating cleaner operations in terms of ecology and circular economy,” Abdullayev said.

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