State Oil Company of Azerbaijan (SOCAR) completed necessary procedures and became a minority shareholder of the SOCAR Energoresurs Group in Russia. SOCAR Energoresurs Group unites Antipinsky Refinery and three oil fields with 45 million tons of proven oil reserves in Orenburg Oblast, Russia.
SOCARâ€™s main role in this project is to provide managerial expertise to Antipinsky Refinery. Given the structure of the agreement, SOCARâ€™s participation in the Antipinsky Refinery does not create risks for SOCAR related to the refineryâ€™s previous debts.
Antipinsky Refinery has annual production capacity of 7.5 million tons. It produces diesel, vacuum gasoil, naphtha, gasoline (A80 and A92), coke, technical sulfur, process oil and liquefied gas.
In the third quarter of 2019, SOCAR increased oil production by 2.8% and natural gas production by 11.4% compared to the same period of the previous year, producing approximately 21 million tons of oil and over 1.81 billion cubic meters of natural gas.
During the reporting period, the company continued to implement the comprehensive action plan to maintain production level in the oil and gas fields exploited by SOCAR. The operation of some out-of-exploitation wells has also been resumed. The company performed more than 37 thousand3 meters of drilling work in the third quarter of 2019.
In total, more than 9.44 million tons of oil and 8.75 billion cubic meters of natural gas were produced in the country throughout the third quarter. 266 billion cubic meters of natural gas have been produced in the first nine months of the current year. This year 2.17 billion cubic meters of natural gas have been delivered to underground gas storage levelling the volume of gas reserved for the winter season to 2.98 billion cubic meters, while the filling of gas to the storages continues.
TOTAL CAPACITY TO REACH 2.5 MILLION CUBIC METERS
SOCAR Turkey held a ceremony for two new facilities in Special Industrial Zone of Aliaga. While inaugurating one of the facilities that will increase the STAR Refineryâ€™s storage capacity for crude oil and finished products, it laid foundation of another one.
STAR Refinery, the SOCAR Turkeyâ€™s subsidiary with 10 million tons of oil refining capacity a year, continues new investments for increasing its storage capacity. While SOCAR Storage Terminal Tank Expansion Project - one of the projects carried out in this framework â€“ was inaugurated, the foundation of STAR Refinery Crude Oil and Oil Product Tanks Project was laid. Rovnag Abdullayev, President of SOCAR, Vagif Aliyev, Chair of the Board of SOCAR Turkey, Zaur Gahramanov, CEO of SOCAR Turkey, Mesut Ilter, General Director of STAR Refinery, Anar Mammadov, General Director of Petkim, and executives of the project contractors attended the ceremony.
With the new investments, the storage capacity used by SOCAR Turkey and its customers will reach to 2.5 million cubic meters.
Speaking at the ceremony, SOCAR President Rovnag Abdullayev stated that SOCAR continues its investments in the oil, natural gas and petrochemical fields: â€śLast year we were here for the inauguration ceremony of the STAR Refinery. We are happy to be back in Aliaga for our new projects within a year. Our petrochemical investments constitutes an important pillar of our operations, creating a long-term income source by bringing added value to the Azerbaijan economy, as well as making a big contribution to the region and Turkey.â€ť In this context, Petkim generated TL 47.2 billion revenue and more than TL 4 billion net profit during the last decade.
The Azeri-Chirag-Gunashli (ACG) partnership today celebrated the 25th anniversary of the ACG production sharing agreement, signed on 20 September 1994 between the Government of Azerbaijan and eleven international companies representing eight countries.
This contract, which later became known as the â€śContract of the Centuryâ€ť, was extended in September 2017 until the end of 2049.
SOCAR president Rovnag Abdullayev said: â€śToday we celebrate the 25th anniversary of the PSA on the Azeri, Chirag and Deepwater Gunashli fields, known as the â€śContract of the Centuryâ€ť. This contract has played a unique role in the history of independent Azerbaijan. Although shorter than a moment from historical perspective, these 25 years passed in the atmosphere of strenuous day-to-day work. Looking back at this track of success and the magnificence of the projects weâ€™ve accomplished, weâ€™re filled with a sense of pride.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
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