In the News
SOCAR: Azerbaijani energy security fully ensured
May 11, 2012
Azerbaijan's recoverable oil reserves jave hit 4 billion tons, SOCAR head Rovnag Abdullayev said in an interview with the Azerbaijan newspaper on Thursday.
He said that the recoverable gas reserves were brought up to 6 trillion cubic meters.
"Oil production, increasing each year, passed the psychological threshold of 50 million tons and gas production is close to 30 billion cubic meters," Abdullayev said.
The company head said that over the past period foreign companies invested about $50 billion in oil and gas sector in the country.
Energy security of the republic has been fully ensured. The country has turned from an importer to an important gas exporter in the region and the world.
Azerbaijani gas is exported to such countries as Georgia, Turkey, Russia and Greece.
SOCAR is the only producer of oil products in the country having two oil refineries and also owns gas stations in Azerbaijan, Georgia, Ukraine and Romania. It bought a large network of filling stations in Switzerland last year. SOCAR is also a co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in
various regions of the world under the banner of SOCAR Trading. SOCAR includes Azneft, Azerkimya and Azerigas.