Azernews.Az

By Abdul Kerimkhanov

The State Oil Company of Azerbaijan (SOCAR) has significantly increased the volume of oil and oil products exports.

Their export grew by 48 percent in the second quarter of 2019.

The company informed that during the reporting period, SOCAR exported 4.9 million tons of crude oil (including profit oil produced in the Azeri-Chirag-Gunashli oil and gas field). It also exported more than 172 million cubic meters of natural gas, as well as more than 604,000 tons of oil and petrochemical products.

Despite the decline in crude oil exports, a 48 percent increase in exports of oil and petrochemical products was recorded. One of the factors contributing to a decline in exports of crude oil and gas is the direction of large volumes of products for refining.

Over the reporting period, more than 2.4 billion cubic meters of gas were exported from Azerbaijan. There was a 37 percent increase in natural gas exports, compared to the same period of 2018, due to the launch of the "Southern Gas Corridor".

Established in 1992, SOCAR aims at managing Azerbaijan's oil resources on the basis of single state policy, improving the management structure of the oil industry and ensuring the development of fuel and energy complex.

SOCAR is one of the world's 50 largest oil companies. Its mission is to ensure the energy security of the country.

The company is involved in exploring oil and gas fields, producing, processing and transporting oil, gas and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.

Three production divisions, one oil refinery and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions operate as corporate entities under SOCAR. The company has a significant position in a number of regional and international energy projects.

SOCAR also conducts various petroleum activities in countries such as Georgia, Turkey, Romania, Switzerland, Germany and Ukraine, including trading activities, mainly in Switzerland, Singapore and Nigeria.

In 2018, the revenues of SOCAR from operations in Azerbaijan amounted to 6.6 billion manats ($3.89 billion, 23.1 percent up), in Turkey – 4.9 billion manats ($2.89 billion, 0.9 percent up), in the United Arab Emirates – 2.3 billion manats ($1.35 billion, 77.6 percent up), in Georgia – 1.1 billion manats ($647 million, 5.2 percent down), and in other countries – 1.6 billion manats ($941 million, 44.5 percent up).

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

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