SOCAR Strategy until 2035 Presented to Government

Baku/05.02.21/Turan: The State Oil Company of Azerbaijan (SOCAR) operates within the framework of the Comprehensive Strategic Development Plan for SOCAR until 2025, developed in 2011. SOCAR official representative Ibrahim Ahmedov announced this.

“The first strategy covered 2005-2010. Then, in 2011, with the participation of Ernst & Young, one of the world's leading companies in this area, a strategy was developed that includes core activities until 2025. Sustainability reports, which are published annually, are also audited by Ernst & Young, like other SOCAR reports."

Despite the fact that SOCAR's strategy is approved until 2025, given the impact of the Fourth Industrial Revolution, the rapid changes in the global economy and the need to keep up with global competition, a new strategy has already been developed.

"We have already reported this earlier. Another leading global consulting company McKinsey was involved in this work," Ahmedov said.

According to him, the SOCAR-2035 project was prepared and presented to the government last year. "The project is under consideration. After the approval of the new strategy, the public will also be informed about its main content. Prior to that, the company acted within the framework of the previously adopted strategic development plan covering the period until 2025," a SOCAR official said. –0