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Baku Higher Oil School starts new academic year

Baku Higher Oil School hosted a ceremonial event dedicated to beginning of the new academic year and celebration of the Day of Knowledge on September 15.
Before beginning of the event, the participants laid flowers to the memorial of the National Leader Heydar Aliyev. The event started with playing the National Anthem of Azerbaijan Republic. In his welcoming address, BHOS Rector Elmar Gasimov congratulated all attendees on this remarkable day and extended his special congratulations and best wishes to first-year students and their parents. The Rector reported that out of those 25 students who showed the highest score in the entrance exams for 2017/2018 academic year in 1st group of specialties and were granted with the presidential scholarship by a decree of the President of the Republic of Azerbaijan Ilham Aliyev, 24 persons chose to study at BHOS.

He informed that the minimum passing score for admission to Process Automation Engineering department was 685 points and it already became record high in the country.

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Statoil delegation visits SOCAR

On September 14, SOCAR President Rovnag Abdullayev received Lars Christian Bacher, Statoil's Executive Vice President for Development and Production International.
Welcoming the guest, Mr. Rovnag Abdullayev spoke about long-term cooperation relations between SOCAR and Statoil, stressed that Statoil was one of the main partners of SOCAR in the projects of global importance such as Azeri-Chirag-Gunashli (ACG) and Baku-Tbilisi-Ceyhan. Pointing out today's signing of a new contract on ACG project until 2050 under agreed terms between SOCAR and co-venturers a remarkable event, Mr. Abdullayev stated that the new agreement once again demonstrated the confidence of foreign partners in the Azerbaijani economy, taking effective partnership to a new level.

Expressing gratitude for sincere reception, Mr. Lars Christian Bacher noted Statoil's successful operating in Azerbaijan already for 25 years and emphasised that the agreement signed today on extension of cooperation was the best gift for this anniversary. According to him, efficient and productive cooperation has been established with SOCAR in energy projects, as well as in socially significant events. Mr Bacher said that operation within the ACG project were conducted in accordance with international standards.

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Press Release

14 September 2017

The Azerbaijan Government and co-venturers sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA
The Azerbaijan Government and the State Oil Company of the Republic of Azerbaijan (SOCAR), together with BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh today signed the amended and restated agreement on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG) in the Azerbaijan Sector of the Caspian Sea. The contract is now subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan. .

The contract was signed in Baku today in the presence of H.E. President Ilham Aliyev of the Republic of Azerbaijan and a group of visiting senior government and state officials, by Rovnag Abdullayev, President of SOCAR, on behalf of the Azerbaijan Government, and by the representatives of the co-venturer companies.

BP will remain the operator in accordance with the amended and restated ACG PSA. .

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SOCAR’s budget payments for August 2017

SOCAR paid AZN 133 million 782 thousand to the State Budget for August of the current year that is AZN 17 million 321 thousand (14,9%) more than the same period of 2016.
In general, for January-August 2017, SOCAR transferred AZN 1 billion 48 million 348 thousand (AZN 142 million 946 thousand or 15,8% more than the same period of 2016) to the State Budget.

Besides, the Company’s payment to the State Social Protection Fund amounted AZN 12 million 575 thousand in August. As a whole, the January-August payments to State Social Protection Fund totalled AZN 99 million 826 thousand (AZN 5 million 479 thousand or 5,8% more than the same period of 2016).

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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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