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Tag: SOCAR

SOCAR Is Azerbaijan’s Leader in Export of Non-oil Products

The total volume of exports of non-oil products from Azerbaijan by 20 large state and private companies in January-September 2020 amounted to $ 737.991 million,…

S&P: Only 10% of SOCAR’s Debt Guaranteed by Government

The international rating agency S&P Global Ratings has confirmed the long-term credit rating of SOCAR at BB- The forecast on SOCAR ratings has been revised…

SOCAR: in 2020 Oil Production in Azerbaijan to Fall by 3 Million Tons

SOCAR (State Oil Company of Azerbaijan) plans to produce 7.2 million tons of oil with condensate in 2020, taking into account OPEC + obligations to…

SOCAR to create globally integrated oil products division

Diesel demand in Europe is unlikely to recover until well into 2021, and struggling refiners in the region will come under further pressure, Switzerland-based Socar…

Azerbaijan’s President Calls For Privatization Of State Oil Company SOCAR: A Hope For Petrostates?

Like other commodity export dependent nations around the world, Azerbaijan has seen its economy suffer from the lockdown effects of the global coronavirus pandemic, particularly…

Long Way to Modernize Baku Refinery

The State Oil Company of Azerbaijan plans to start production of automotive fuel in accordance with Euro-5 standards at the Baku refinery in 2022, SOCAR…

Ilham Aliyev Not Happy with Management of State-owned Companies in Azerbaijan: They Pull Our Economy Down

President of Azerbaijan Ilham Aliyev instructed the government to prepare a new management system for state-owned companies. “State-owned companies are pulling our economy down. If…

Azerbaijan Exported 85,000 Tons of Oil through Russia in July

The State Oil Company of Azerbaijan pumped about 85 thousand tons of oil through the Baku-Novorossiysk oil pipeline in July. This was announced by the…

SOCAR: Baku Oil Refinery Started Processing Turkmen Oil

The Trans-Adriatic Gas Pipeline (TAP), built to transport Azerbaijani gas to Europe, will be ready for launch in October-November this year. This was stated by…

Azerbaijan to Resume Oil Export through Russia Today

The State Oil Company of Azerbaijan plans to resume oil export via the Baku-Novorossiysk oil pipeline from July 17, 2020. SOCAR spokesman Ibrahim Ahmedov said repair…

As Part of Modernization of Baku Refinery,Azfen Receives Subcontract of $ 237 Million

Spanish company Tecnicas Reunidas attracted the Azerbaijani-Turkish joint venture Azfen as a subcontractor to modernize the facilities of the Baku Oil Refinery named after H….

German Companies Interested in SOCAR Gas Processing Complex Project

On July 17, SOCAR President Rovnag Abdullayev received German Ambassador to Azerbaijan Wolfgang Manig. The head of the State Oil Company told about the progress…

SOCAR Becomes Technical Operator of South Caucasus Gas Pipeline

SOCAR Midstream Operations LLC has become a technical operator of the South Caucasus Gas Pipeline (SCP), BP-Azerbaijan said in a statement. “Since March 20, 2020,…

Oil Price at $ 23 / Barrel Considered Profitable for SOCAR

The Fitch Ratings international rating agency affirmed the State Oil Company of Azerbaijan (SOCAR) long-term issuer default rating of “BB +”, the agency’s press release…

SOCAR discloses production and export volumes in 1Q2020

Azerbaijan’s State Oil Company SOCAR produced 1.9 million tons of oil and 1.8 billion cubic meters of gas on the fields operated by the company…

SOCAR sends another batch of oil for Belarus

Azerbaijan’s state oil company SOCAR has sent another batch of oil to Belarus, Ibrahim Ahmadov, deputy head of the public relations and events department at…

SOCAR, Equinor confirm discovery of Karabagh Oil Field in Azerbaijan

SOCAR and Norway’s Equinor have confirmed a discovery of Karabagh field located 120 kilometers offshore, east of Baku, in the Azerbaijan sector of the Caspian…

Belarus starts refining Azerbaijani oil bought from SOCAR

Mozyr Oil Refinery JSC in Belarus has started refining the first batch of Azerbaijani oil purchased from State Oil Company of Azerbaijan SOCAR, Spokesperson of…

Azerbaijani President to pay official visit to Italy in February

Azerbaijani President Ilham Aliyev will pay an official visit to Italy on February 20-21, Hikmet Hajiyev, assistant to the President – head of the foreign…

Gas Production at Umid Field to Exceed 960 MCM in 2020 – SOCAR

Gas production from the Umid field in the Azerbaijani sector of the Caspian Sea in 2020 will exceed 960 mcm, SOCAR’s representative Ibrahim Ahmedov said….

SOCAR and BP May Sign Production Sharing Agreement in Uzbekistan

SOCAR and BP may sign a Production Sharing Agreement (PSA) on investment blocks in Uzbekistan, the press service of the Uzbek Ministry of Energy reports….

Zelensky: SOCAR made significant contribution to the energy infrastructure of Ukraine

President of Ukraine Volodymyr Zelensky met with the President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev. Report informs, V. Zelensky wrote about this on his…

Oil Production from ACG to Be 187 Million Barrels in 2020

Oil production from the block of Azeri-Chirag-Gunashli (ACG) fields will amount to 186.7 million barrels in 2020, the Accounts Chamber concluded on the budget of…

SOCAR talks on acquisition of oil fields in Russia

Currently, no investment decision has been made on acquisition of Antipinsky Refinery and oil fields in Russia by Azerbaijan’s state oil company SOCAR, spokesperson for…

In 2018, 11.2 Bcm of Gas Supplied to Domestic Market of Azerbaijan

In 2018, SOCAR allocated 11 billion 216 million cubic meters to meet the domestic needs of Azerbaijan for natural gas. According to SOCAR, last year…

Uzbekistan Offers SOCAR and BP Joint Geological Study of Three Blocks

Uzbekistan offers SOCAR, in partnership with BP, to explore the possibility of joint exploration of three investment blocks of the Ustyurt region, the press service…

SOCAR Increased Payments to State Budget by 6% in 2018

SOCAR’s tax payments to the state budget of Azerbaijan in 2018 amounted to 1 billion 604.514 million manat, which is 6.2% more than in 2017….

SOCAR to Use KazMunaiGas Drilling Rig in Its Projects

SOCAR and KazMunayGas signed a memorandum of understanding in Baku on January 28. According to the press service of SOCAR, the document was signed by…

SOCAR Increased Network of Gas Stations in Romania to 41

SOCAR has commissioned a new gas station in Romania, Romanian media reported. “The gas station was commissioned in the third largest city of Romania –…

SOCAR’s giant investment project – STAR Refinery launched

SOCAR, the largest direct foreign investor in Turkey, launched its $6.3-billion SOCAR Turkey Aegean Refinery – STAR Refinery, which will provide a large portion of…

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