Azernews.Az

By Abdul Kerimkhanov

The oil industry is the main sector of the economy of Azerbaijan. In terms of its composition, the Azerbaijani oil is of very high quality and is in considerable demand all over the world, since it is suitable for producing more than 90 oil products. Gasoline, fuel oil, oils are only the main and most common ones.

Azerbaijan exported 40.25 tons of oil products in January 2019, according to customs declarations.

The cost of these volumes of petroleum products amounted to $20 million, according to the State Customs Committee

In January, the volume of exported oil products grew by 42 percent in annual comparison, the cost - by 26 percent.

During the reporting period, the export of petroleum products amounted to 1.56 percent of total exports of Azerbaijan.

Azerbaijan concluded a “contract of the century’’ with Western companies on September 20, 1994, which was very profitable for the country.

Since then, Azerbaijan has been cooperating with thirty oil companies from 14 countries, is one of the oil centers of the world, significant sums in the oil and gas industry of the country have been invested in the form of investments.

The State Oil Company of Azerbaijan Republic (SOCAR) is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

The company includes three production associations, one oil refining and gas processing enterprise, an oil flotilla, a deep-water base plant, two trusts, one institute, and 23 structures. It has representative offices in Georgia, the U.S., Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, Ukraine, Belgium and Canada.

SOCAR conducts exploration, development and production of oil and gas fields in Azerbaijan, production, refining and transportation of oil, gas and gas condensate, oil and petrochemical products, gas sales in domestic and foreign markets, and natural gas supply to the population.

SOCAR has four operating entities with 23 legal entities, including 3 business associations, one oil and one gas processing plant, Deep Basements Plant, two trusts and one institute.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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