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SOCAR launches production of analytical methanol

SOCAR Methanol, a subsidiary of SOCAR, branched out into a new type of product - analytical methanol, kick starting the production of first end consumer product in the gas chemical industry in Azerbaijan.
Analytical methanol is used as a chemical reagent in laboratories. Currently, SOCAR Methanol offers analytical methanol to consumers in various packaging. It has already reached agreement with several local companies and delivered the first consignment.

SOCAR Methanol’s product is released under the brand of SOCAR and trademark of “Made in Azerbaijan”. SOCAR is capable of delivering analytical methanol not only to the local market, but to laboratories in Turkey, CIS and Western Europe as well.

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SOCAR AQŞ and Bangladeshi BAPEX sign Memorandum of Understanding

Previously, SOCAR AQŞ won the international tender announced by BAPEX and will drill two exploration and one appraisal well in Bangladesh.
A delegation led by Mohammad Shahidul Haque, Senior Secretary of Legislative and Parliamentary Affairs Division and Nazimuddin Chowdhury, Secretary of Energy and Mineral Resources Division met with Ramin Isayev, SOCAR AQS's Director General, as part of their visit to Azerbaijan. During the meeting, SOCAR AQŞ and Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) signed a Memorandum of Understanding on cooperation in the new oil and gas projects of the People's Republic of Bangladesh. The memorandum was signed between Deputy Director of SOCAR AQS Eldar Yaradanguliyev and Bapex Managing Director Naushad Islam.

After winning the international tender previously announced by BAPEX, SOCAR AQŞ will conduct the drilling and construction of the onshore wells: Semutang Dakkhin 1, Begumganj 4, and Modarganj 1. Two wells will be drilled for exploration and one well for appraisal purposes. The Memorandum of Understanding, signed in Baku, is an important step towards expanding the future cooperation beyond the drilling of these wells.

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The contract relates to the construction of the New Units on an EPC lump-sum basis as part of the Modernisation and Reconstruction of the Heydar Aliyev Baku Oil Refinery in Azerbaijan
On February 1, SOCAR’s Heydar Aliyev Refinery and Tecnimont/Kinetics Technology Alliance signed an EPC contract for the construction of new facilities as part of the reconstruction and modernisation of the Refinery.

SOCAR proceeds with the revamp of the Heydar Aliyev Oil Refinery with the objective of advancing the quality of fuel and lubricants in Azerbaijan and increasing the volume of production. After finishing the Front-end Engineering Design (FEED), tenders for the next phase of revamp - Engineering, Procurement, and Construction (EPC) were announced. The EPC phase of Refinery consists of two parts: construction of new units and reconstruction of the existing ones.

The tender for the construction of new units was announced on 10th of February, 2017. Five international companies participated in the selection process. The subsidiaries of Maire Tecnimont S.p.A. - Tecnimont S.p.A. and KT-Kinetics Technology S.p.A. were selected with the highest score for the construction of new facilities. The deal includes the construction of more than 10 new production units. The tender for the reconstruction of existing units has been granted to Técnicas Reunidas, which won the qualifying proceedings last December.

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Drilling, production and export rate for 2017

SOCAR achieved steady oil and natural gas production in 2017 by increasing the volume of drilling operations.
During the year SOCAR conducted 138 thousand meters of drilling work raising it by 30.7% against the relevant figure of 2016. Of this amount, 93% fell to the share of development drilling, 7% - exploration drilling. In total, 81 new wells were put into operation after finishing their construction. SOCAR produced 7.4 million tons of crude oil and 6.1 billion cubic meters of natural gas, there were slight differences correspondingly by 1.4% and 3.3% as compared with the relevant figures of 2016. In total, 38.7 million tons of crude oil and 28.6 billion cubic meters of natural gas were produced in Azerbaijan in 2017.

SOCAR’s crude oil export for 2017 amounted 20.7 million tons. SOCAR exported 1.5 million tons of oil refining and petrochemical products, which contributed to the growth of total revenues last year. The products such as diesel and aviation fuels, high-pressure polyethylene, gas carbon, propylene, LNG and pyrolysis resin have an important share in the export of oil refining and petrochemical products.

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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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