Today is the day of the founding of the State Oil Company of the Republic of Azerbaijan (SOCAR).
Oku.Az Please note that SOCAR, the national oil company of Azerbaijan, was established on 13 September 1992 on the basis of the state-owned concern Azerineft and the production syndicate “Azernefkimya”.
The purpose of the company’s creation was to exploit the oil resources of the Republic of Azerbaijan on the basis of a unified state policy, improve the management structure of the oil industry and ensure the development of the fuel and energy complex.
SOCAR is an integrated company specializing in the extraction, transportation, processing and consumption of oil.
At different times, “Azerneft”, which unites the oil industry in Azerbaijan, depending on the nature of the enterprises it merges and manages, the Union is a major trust or union of several trade union and republican organizations (Council of People’s Commissars of the Azerbaijan SSR, Supreme Council of National Economy of the USSR, Ministry of Heavy Industry of the USSR, National Economic Council of the Azerbaijan SSR) was subordinate to the “Azerneft Committee”, “Azerneftkombinat” (later divided into “Azerneft”, “Azerneftzavodlar” and “Azerneftmachinery”) and the “Azerneftchikharma” Union.
The company owns two oil refineries, several international oil and gas pipelines and several engineering companies.
SOCAR is currently the 68th largest company in the world by capital volume.
According to the Decree of the President of the Republic of Azerbaijan dated September 17, 2022, SOCAR is one of 10 state bodies that can be founders of a print media entity.
SOCAR is engaged in the search, exploration and development of oil and gas deposits throughout the territory of the Republic, including onshore and offshore areas, the preparation, processing and transportation of oil, gas, gas condensate, as well as the sale of products obtained from them in the domestic and foreign markets.
It also carries out a large amount of scientific research and project work.
Currently, Azerbaijan has 57 oil-rich fields, 18 of which are located in the Azerbaijani sector of the Caspian Sea and the rest on land.
Overall, the Caspian basin has about 30 billion tons of oil and 18-20 trillion cubic meters of gas reserves, which is 15% of the world’s hydrocarbon resources. In the Caspian basin region belonging to Azerbaijan, there are reserves of 3-5 billion tons of oil and 5 trillion cubic meters of gas.
