SOCAR develops complex development plan to 2026

Implementation of the oil products including the development of the Azeri-Chirag-Guneshli oil and gas field block, as well as, exploration for potential fields that located in shallow waters around Absheron Peninsula and onshore are also of utmost significance.

Azerbaijan’s state-owned energy company SOCAR has developed a Complex Development Plan to 2026.
The statement was made by the company’s vice-president for strategic development Tofig Gahramanov during the business forum held with the members of the Caspian European Club on May 11.

The complex development plan of the company covers several directions, said Gahramanov by elaborating that the main direction is the gas projects which are underway now.

In the meantime, great attention has been attached to the oil refining process and petro-chemistry, he added.
Gahramanov noted that the plan has been developed in cooperation with the global audit company PWC.

In addition, the implementation of the oil products including the development of the Azeri-Chirag-Guneshli oil and gas field block, as well as, exploration for potential fields that located in shallow waters around Absheron Peninsula and onshore are also of utmost significance, he said.

Furthermore, SOCAR intends to continue expanding its international ties, implementing projects for training professional staff, as well environmental protection.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, as well as, supplying natural gas to industry and the public in Azerbaijan.

The company is the only producer of oil products in the country.

Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

It has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany and Ukraine, as well as, trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.

Source: Azer news