SOCAR lead story

Upper Head Image

High-density polyethylene plant constructed within SOCAR Polymer project

• According to preliminary estimates, the SOCAR Polymer complex at maximum capacity has the capability to increase the export revenue of the country's non-oil sector by 15% and gross domestic product of the Absheron economic region by 14%

• $6.6 billion total revenue and $600 million tax payments to the state budget are forecast for the operation period

• The new plant will fully meet the demand for high-density polyethylene across the country, 75% of the product will be exported to foreign markets
On February 18, the high-density polyethylene plant was officially opened within SOCAR Polymer project in the Sumgayit Chemical Industry Park. The opening ceremony was attended by the President of the Republic of Azerbaijan Ilham Aliyev, SOCAR senior officials and representatives of the companies involved in the construction of SOCAR Polymer plants.

According to preliminary plans, SOCAR Polymer plants will produce 184,000 tons of 10 varieties of polypropylene and 120,000 tons of 4 high-density polyethylene varieties. During the operation period, the plants are expected to bring $6.6 billion revenues, 30 percent of which will be the company's net profit. In addition, SOCAR Polymer is expected to pay a total of $600 million taxes to the state budget.

read more full article
NewspaperNews Archives

SOCAR Turkey to supply natural gas to Kayseri and Bursa

Turkey's largest foreign investor, SOCAR, has acquired EWE Turkey Holding and its group of companies, which manages the operations of the German energy company EWE AG in Turkey. “The purchase of this natural gas distribution business will complete our investment chain in Turkey, creating additional value for Azerbaijan and Turkey,'' said Rovnag Abdullayev, President of SOCAR.


Turkey's largest foreign investor, SOCAR, has acquired EWE Turkey Holding and its group of companies, which manages the operations of the German energy company EWE AG in Turkey. “The purchase of this natural gas distribution business will complete our investment chain in Turkey, creating additional value for Azerbaijan and Turkey,'' said Rovnag Abdullayev, President of SOCAR.

SOCAR aims to become a major industrial actor in Turkey through the wide range of investment projects and acquisitions. In the next step SOCAR acquired Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom, the companies within EWE Turkey Holding. SOCAR has been supplying natural gas to the Turkish market for the last 12 years and began expanding its operations this year through the Trans Anatolian Natural Gas Pipeline (TANAP), a major joint project between Turkey and Azerbaijan.

The acquisition of EWE Turkey will enhance the value of the natural gas distribution sector and create favorable conditions for SOCAR to access directly the end customer market in Turkey. The acquisition process will be finalized after the approval by the Competition Authority and other related organizations.

full article read more

Drilling, production and export rates for 2018

• SOCAR conducted over 160,000 meters of drilling work in the year1
• SOCAR's gas production increased by 7.2% compared to the previous year
• Azerbaijan produced 38.81 million tons of oil2 and 30.49 billion cubic meters of gas in 2018
• SOCAR exported 23.88 million tons of crude oil3, 1.82 million tons of oil refining and petrochemical products4, 1.42 billion cubic meters of natural gas5 in 2018
• Last year SOCAR provided almost 89% of the natural gas6 at its disposal to the local market, fully covering the domestic demand
The key performance indicators of SOCAR continued to grow in 2018. During the year, SOCAR conducted over 160,000 meters of drilling work, excluding operating companies and joint ventures, a rise of 16.6 percent against the relevant figure for 2017.

In 2018, SOCAR produced on its own accord 7.54 million tons of oil7 and 6.53 billion cubic meters of natural gas8, increasing its production correspondingly by 1.6 percent and 7.2 percent, compared to the same period of the previous year. In total, Azerbaijan produced 38.81 million tons of oil and 30.49 billion cubic meters of natural gas in 2018. Thus, the annual oil production was relatively stable9 and gas production increased by 6.6%. .

full article read more

SOCAR boosts budget payment for 2018 by more than 6% and contribution to welfare fund by more than 10.5%

SOCAR contributed AZN 1.65 billion to the State Budget for 2018. Compared with the previous year’s figures, the company's budget payments grew by AZN 93.2 million, a rise of 6.2%. In addition, SOCAR’s payment to the State Social Protection Fund (SSPF) amounted to AZN 172.5 million an increase of 10.6% against the same period of 2017.
Rovnag Abdullayev, President of SOCAR said: ''Following the instruction from the President of the Republic of Azerbaijan Ilham Aliyev, SOCAR has implemented reforms over the past decade facilitating the shift to becoming a more integrated global energy company resulting in a rise of its operational efficiency and the commencement of diversification of its services and products through whole value chain. As a result of well-timed effective measures, SOCAR's revenue and budget payments are growing despite price fluctuations in the market.

Today, SOCAR, the global brand of Azerbaijan, earns the largest portion of revenue from foreign operations, re-investing this revenue for the welfare of our country and boosting its contribution to the state budget annually.''.

full article read more

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.

read more

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.

read more