Baku / 04.10.17 / Turan: On October 4, SOCAR announced the merger of two structural subdivisions on the basis of the Production Association Azneft. This structure included LLC SOCAR-Umid.
LLC SOCAR-Umid was established in June 2008 with participation of SOCAR (80%) and offshore company Nobel Oil Exploration & Production (Federation of Saint Kitts, 20%). At establishment, the capital of the joint venture was 10,000 manat. Today the authorized capital of LLC SOCAR-Umid is 458 million 985 thousand manat.
The maritime structure of Umid is a gas field. According to exploration estimates, this field has about 200 bcm of natural gas and about 30-40 million tons of condensate. ------08D
Economics
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
-
Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
Leave a review