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Statement on Special Session within Baku Energy Forum in Shusha

Baku Energy Week ended with a special session in Shusha, the cultural capital of Azerbaijan

A special session with the participation of more than 100 local and foreign delegates was held in Shusha on June 4 as part of the Baku Energy Forum.

At the special session on ''Path to Net Zero: Development of Green Energy Potential in Karabakh and East Zangazur Economic Regions'', Cahit Bagci, Ambassador of the Republic of Turkey to Azerbaijan, read a letter addressed by President of the Republic of Turkey Recep Tayyib Erdogan to the participants of the Baku Energy Week.

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2022 Q1 drilling, production, refining, and export results

In the first quarter of 2022, SOCAR improved its drilling performance by conducting over 18 000 metres1 of drilling work, 2.7 times more than a year before. The company produced more than 1.9 million tons2 of oil and 1.9 billion cubic metres3 of gas during the reporting period.
Oil and gas production increased gradually compared to the previous year. National oil and gas output totaled 8.3 million tons4 and 11.8 billion cubic metres5, respectively. The country’s gas production increased by 13.5 percent in this period.

SOCAR exported nearly 4.1 million tons6 of crude to the world market and 770 million cubic metres7 of natural gas to Georgia during the reporting period. SOCAR’s gas exports to Georgia increased by 50.6 percent compared to the same period last year. SOCAR exports both the crude oil produced by own means, and the shares of SOCAR and Azerbaijan in the international consortia’s oil production. In total, about 6.7 million tons8 of oil and 5.9 billion cubic metres9 of gas were exported from the country.

A 14.7-percent growth was recorded in the country’s gas exports compared to the same period last year.

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Statement on overhaul maintenance work within SOCAR’s Heydar Aliyev Oil Refinery Modernization and Revamp Project

SOCAR’s Heydar Aliyev Oil Refinery is currently undergoing modernization and reconstruction process to increase the refining capacity, provide the country with high-quality Euro-5 fuel, minimize environmental impact, ensure Azerikimya’s stable feedstock supply and raise export capacity of oil products. As part of the project, the refinery implements operational excellence and sustainability program to determine its performance for 2022 in accordance with the maintenance while developing the comprehensive action plan.
As a result, from April 4, 2022, the refinery was shut down for maintenance. The overhaul of the refinery in 2022 is carried out after a long (more than a year) break and is completely different from previous maintenance work for its scales and complexity. More than 2,000 workers from SOCAR and outside organizations will be involved in the maintenance work.

SOCAR has taken necessary measures in order to ensure uninterrupted supply of the country with relevant motor fuels during this period. Thus, some facilities of the former Azerneftyag oil refinery, which is part of the Heydar Aliyev Oil Refinery now, will continue to operate and produce a certain amount of kerosene, diesel and gasoline. In addition, the refinery will meet the country's demand in diesel and kerosene fuels due to the reserves formed at the refinery. The formation of the relevant fuel reserves started in February and is still ongoing.

In this regard, the refinery will be able to meet domestic demand fully during the maintenance work.

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SOCAR hosts World Economic Forum President

On February 23, SOCAR’s First Vice President and acting President Rovshan Najaf met with a delegation led by the President of the World Economic Forum Børge Brende.
The meeting focused on the development of existing relations and prospects for cooperation between SOCAR and the World Economic Forum, as well as the exchange of experiences and partnership opportunities with the Industry 4.0 Digital Center in Baku.

Rovshan Najaf noted that SOCAR is a long-term partner of the World Economic Forum and is interested in developing cooperation and attending the future events of the Forum. Two SOCAR enterprises - Petkim and STAR Refinery - have joined the WEF Global Lighthouse Network as one of the world’s most digitalized manufacturers. Digitalization has been identified as one of the priority development areas in SOCAR's Corporate Strategy until 2035. In this regard, the launch of Centre for the Fourth Industrial Revolution (C4IR) in Azerbaijan opens new prospects for expanding cooperation between SOCAR and the World Economic Forum.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

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.

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International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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