The fall in oil prices has led to reductions in the State Oil Company entities, the head of SOCAR Rovnag Abdullayev told the media.
Commenting on the closure of three offices of the company in Switzerland (SOCAR, SOCAR Trading and SOCAR Energy Switzerland), Abdullayev said this decision was made in December. Representative functions were transferred to the central office in Baku and the companies that belong to SOCAR, said Abdullayev.
Note that one of the SOCAR offices in Switzerland operated a network of gas stations that were previously purchased by SOCAR from Esso.
According to unofficial data, all of the SOCAR offices abroad were closed or significantly reduced in December. -02D-
Economics
-
Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
-
U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
-
Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
-
Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
Leave a review