SOCAR moves to the U.S. market
The State Oil Company of Azerbaijan (SOCAR) has announced its interest in the US market, and has opened an office in Washington, said Vitaly Beylarbeyov, deputy vice-president of SOCAR, at the international conference "Oil and Gas Media" in Baku.
According to him, in the near future SOCAR plans to open an office in Houston. Beylarbeyov but did not go into details on the project which SOCAR is going to implement in the American market. "You will learn about them when these projects will be deployed," said Beylarbeyov.
To date, beyond Azerbaijan SOCAR operates in the following countries: Georgia (the sale of petroleum products, the total number of filling stations is 96, management of gas distribution networks and gas distributorship, transshipment terminal in Kulevi);
Turkey (petrochemical complex Petkim, preparation for construction of a refinery in Izmir), Ukraine (which owns about 30 stations);
Romania (retail network of 14 units);
Switzerland (170 stations, refueling terminals at airports of Zurich and Geneva.) In addition, trading company SOCAR Trading has been operating in Switzerland since 2008.
In addition, SOCAR fulfills orders for the Caspian countries on the construction of underwater structures, concrete pipe, provides geological and geophysical services, etc.
In October, the affiliate company SOCAR - CDC plans to start drilling in the Israeli shelf of the Mediterranean Sea.
Based on the above noted, and taking into account the ambitions of the State Oil Company, it is believed that in the USA, SOCAR will be able to undertake a wide range of services in the oil and gas sector. -12С-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review