Advisor to VP: SOCAR plans to implement new projects

Advisor to the Vice-President of the State Oil Company of the Azerbaijan Republic (SOCAR) Sariyya Bunyatova has said that SOCAR plans to implement new projects in oil and gas production and liquefied natural gas (LNG).

Bunyatova made these remarks at the Baku Energy Forum, according to Report.

“We are developing and expanding our portfolio of projects in the oil and gas production sector. A striking example is the acquisition of a three per cent stake in an oil project in the UAE. However, we plan to implement other projects in production and LNG,” she added.

Established in 1993, briefly before the Azeri-Chirag-Gunashli (ACG) production sharing agreement was signed by Azerbaijani national leader Heydar Aliyev in 1994, the State Oil Company of Azerbaijan Republic (SOCAR) was envisaged to be an integrated oil and gas company with assets across the entire value chain.

While it has traditionally been an upstream oil and gas focused company, SOCAR now has a considerable presence in transport infrastructure and downstream, both in Azerbaijan and worldwide.