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Saturday, 26 September 2020, 06:00 HKT/SGT

Source: SOCAR
SOCAR as a Main Pillar of Azerbaijani Statehood

BAKU, Azerbaijan, Sept 26, 2020 - (ACN Newswire) - SOCAR - the State Oil Company of the Azerbaijan Republic - is now the main gas supplier to Turkey. A year ago Azerbaijani gas was in 4th-5th place in the Turkish market, now we are in first place, which is very important for us and for Turkey, because gas provides energy security for any country.

Just 20 years ago, our country did not even think about the role of main gas exporter to one of the largest gas markets in Europe. The situation in Azerbaijan has changed a lot in recent decades. Azerbaijan's role has increased globally, and not only in the oil sector. - President of the Republic of Azerbaijan, Ilham Aliyev.

The first step towards establishing SOCAR as one of the world's gas suppliers was the signing of a contract on September 20, 1994 between the Government of Azerbaijan and eleven international companies representing six countries, for the development of the Azeri-Chirag-Guneshli block of fields. Called the "Contract of the Century", this agreement became the basis of the oil and gas strategy laid down by Heydar Aliyev. Revenue from this contract has exceeded $150 billion.

In 1990, SOCAR was a national Azerbaijani company with a small global production level, but 20 years later it has become a respected player in the world oil market. Over the years, SOCAR has turned into a large oil and gas company with business in Switzerland, Romania, Ukraine, Georgia, Turkey, UAE, Russia, and other countries.

Turkey occupies a special place in SOCAR's investment projects, where the company bought a large petrochemical complex Petkim, built a STAR refinery, and is developing a transport and logistics direction. In addition, the company has a wide business in Georgia, owning a network of gas stations and gas distribution networks.

According to the company's most recent audit report, SOCAR's turnover in 2019 was $50 billion, with 93% of this turnover coming from operations in the foreign markets.

"Oil workers have always enjoyed great respect in Azerbaijan. This is the case today; the work of oil workers is real heroism. The profession of an oil worker is respected and at the same time risky, dangerous, I want to reiterate that their work is real heroism," said Ilham Aliyev, who worked himself for 9 years in SOCAR, in giving such a high assessment to the oil workers.

And the oilmen deserve special attention in this matter. On September 20, Azerbaijan celebrated Oil Workers' Day, recognizing the people who ensure the flourishing of the Azerbaijani economy with their experience, hard work, health, and sometimes even lives.

Media contact:
Mamed Gasanov
SOCAR, The Republic of Azerbaijan
Email: Gasanov@socar.az | www.socar.az

Topic: Press release summary
Source: SOCAR

Sectors: Oil & Gas
From the Asia Corporate News Network

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