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SOCAR Establishes SOCAR Green LLC


During the convened session of the SOCAR Supervisory Board, attendees reached an agreement to institute SOCAR Green LLC. In alignment with the directives outlined in the Presidential Decree of December 25, 2023, designating 2024 as the ‘Green World Solidarity Year’ in the Republic of Azerbaijan, the principal objective of this newly established entity includes efficient implementation of SOCAR's strategic initiatives in the realm of renewable energy. This encompasses facilitating international collaboration to expand partnership opportunities , and providing support for the processes involved in decarbonizing oil and gas operations.

Implementing renewable energy projects, green hydrogen production , carbon capture, utilization, and storage have been delineated as the core focus areas. Additionally, providing of essential support in crafting strategic roadmaps for carbon emission reduction nationwide is a paramount facet of the company's mandate. Concurrently, the newly established entity will diligently examine and incorporate international best practices in these domains within the national context.

In its initial phase, SOCAR Green LLC is slated to execute a 1 GW onshore wind and solar energy initiative under the Mega project, in collaboration with Masdar. Furthermore, the company plans to undertake 240 MW of solar energy projects in the Jabrayil district as part of the Shafag project together with bp. Future endeavours include realising solar and wind energy projects in the Nakhchivan Autonomous Republic, facilitated by partnerships with ACWA Power, Masdar, and Energy China.

SOCAR Green LLC’s collaboration with these globally recognised energy firms underscore its active role in green energy initiatives, contributing to the global decarbonization movement and low-carbon projects. This collaborative approach generates new business opportunities for SOCAR and positively contributes to workforce enhancement in these specialised domains, fortifying existing capabilities and aligning with the overarching goal of achieving Net Zero emission targets.