By January 1, 2016 total amount of SOCAR’s investments into the projects outside of Azerbaijan reached $4,486,900,000.
According to the company, the biggest amount has been invested into the company’s projects in Turkey, which totaled $3,334,300,000.
SOCAR’s investments in Switzerland totaled $414.5 million, in Georgia - $386 million, in Ukraine - $280.8 million and in Romania - $71.3 million.
The most capital intensive project of SOCAR in Turkey is TANAP gas pipeline, in which it owns 58%. Cost of the project is estimated at $9.3 billion. In the other gas pipeline project TAP with the cost of $6 billion SOCAR owns 20%. SOCAR has the following projects in Turkey, where it owns a packet of shares: Petkim Petrokimya Holding (about 57%), Star Refinery oil refinery, container terminal Petlim, SOCAR Power station, SOCAR Gas A.S. company supplying gas to the local market and SOCAR Fiber fiber-optical company.
In Switzerland, Romania and Ukraine SOCAR is involved in retail oil products trade and opened a network of petrol stations under SOCAR brand name.
In Georgia SOCAR is involved in retail trade of oil products as well as gas distribution and is the owner of the oil terminal Kulevi.—0—
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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