Eskisehir, Turkey, April 17 By Ilkin Shafiyev - Trend: SOCAR Turkey Enerji AS, a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, became the owner of a 7 percent stake in the Trans Anatolian Natural Gas Pipeline (TANAP) project, Saltuk Duzyol, head of the TANAP Consortium, said at a press conference in Turkey’s Eskisehir city April 17. The corresponding deal was completed at the end of March 2018. Thus, the share distribution of TANAP shareholders is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, BP - 12 percent. TANAP project envisages transportation of gas from Azerbaijan's Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction the gas will be delivered to Europe in early 2020. The length of TANAP is 1,850 kilometers with an initial capacity of 16 billion cubic meters of gas. Around six billion … [Read more...] about SOCAR completes deal to acquire stake in TANAP
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BHOS, SOCAR Capital held joint conference “Activities and Success in Global Capital Markets”
Baku Higher Oil School (BHOS) hosted a conference entitled “Activities and Success in Global Capital Markets”. The event jointly organized by the Higher School and SOCAR gathered BHOS rector Elmar Gasimov, high-rank representatives from SOCAR and SOCAR Capital companies, and BHOS professors, lecturers and students. Opening the conference, BHOS rector Elmar Gasimov welcomed the participants of the event. Underlining the significant role of financial markets in the development of global economy, BHOS rector said that these processes also affected Azerbaijani economy and economic development of the country, which receive special attention from the state. In his words, establishment of SOCAR Capital within SOCAR group of companies in 2016 became one more the step undertaken by the government in this field. Elmar Gasimov highly praised the role of the company in the world capital markets and its activity in raising society awareness of the significance of investment and … [Read more...] about BHOS, SOCAR Capital held joint conference “Activities and Success in Global Capital Markets”
SOCAR commissions over 1,200 wells in 15 years
Trend: Azerbaijan's state oil company SOCAR has commissioned 1,222 new wells over the past 15 years, SOCAR President Rovnag Abdullayev said in an interview to the website of the ruling New Azerbaijan Party. He said that the main task of Azerbaijani oil industry in recent years has been to maintain a stable level of production with a view to supply the processing industry with raw materials. "It is known that Azerbaijan's oil industry has an ancient history, that's why Azerbaijani oil industry's workers as pioneers of oil production all over the world have rich experience. However, many fields, which are on the balance of SOCAR have already depleted, since they have been exploited for many years, which, in turn, leads to a natural decline in production. However, due to the great experience and competence of the Azerbaijani oil industry, we managed to maintain a stable production of oil in old fields and even recorded the highest level of production in the last few years in many of … [Read more...] about SOCAR commissions over 1,200 wells in 15 years
SOCAR Trading more than doubles oil sale
Baku, Azerbaijan, April 6 By Ilkin Shafiyev – Trend: SOCAR Trading, the trading house of Azerbaijan’s state oil company SOCAR, sold 108 million tons of oil and oil products on the international market in 2017, SOCAR President Rovnag Abdullayev said in an interview to the website of the ruling party of Azerbaijan. He said that the volume of operations has more than doubled last year compared to 2016. Abdullayev further noted that over the past three years the sales volume of oil and oil products of third parties increased fourfold up to 86 million tons. "At the initial stage of activity, SOCAR Trading glorified the Azeri Light oil grade in the world market. Thanks to this, Azerbaijan received additional revenue worth $1.8 billion in 2008-2013. Today SOCAR Trading also sells oil and petroleum products purchased from third parties," Abdullayev said. SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan. The company sells … [Read more...] about SOCAR Trading more than doubles oil sale
SOCAR expects to receive first output from new deposits in 2020-2021
Baku, Azerbaijan, April 6 By Maksim Tsurkov – Trend: Azerbaijan's state oil company SOCAR expects to receive the first output from a number of new oil and gas fields in 2020-2021, SOCAR President Rovnag Abdullayev said in an interview to the website of the ruling New Azerbaijan Party. He said that the company is determined to maintain stable production of oil and increase gas production through developing new promising deposits such as Karabakh, Umid-Babek, Absheron and others. "Many important decisions were made regarding the development of new fields. A joint work was launched together with the French company Total on the Absheron field and development of the Umid field," Abdullayev said. He noted that the main designing stage of the development plans for the Karabakh oil and gas field started. "SOCAR is already successfully using its own capabilities to drill wells at a depth of more than 6,000 meters under abnormally high pressure and temperature. I believe that we will get … [Read more...] about SOCAR expects to receive first output from new deposits in 2020-2021