SOCAR continues to acquire stakes in strategic assets in foreign countries in line with its strategy to expand production footprint. Within this framework, on January 31, 2025, an agreement was signed with Union Energy for the acquisition of 10% effective ownership in the Tamar field, located offshore of Israel, one […]
During Baku Energy Week, the State Oil Company of Azerbaijan Republic (SOCAR) and Masdar, a company from the United Arab Emirates, signed Shareholders’ Agreements for three renewable energy projects. Minister of Economy of Azerbaijan and Chairman of the SOCAR Supervisory Board Mikayil Jabbarov, along with Minister of Industry and Advanced […]
On December 3, 2023, the State Oil Company of Azerbaijan Republic (SOCAR) held a “Decarbonization Strategy and Future Prospects” event during COP-28 of the United Nations in Dubai, United Arab Emirates. As an honored event guest, Mukhtar Babayev, the Minister of Ecology and Natural Resources of the Azerbaijan Republic, delivered […]
On December 1, 2023, the State Oil Company of Azerbaijan Republic (SOCAR) participated in the 8th Coordination Committee Meeting in Berlin, Germany, a collaborative event with Uniper, highlighting the enduring partnership in the energy sector. The agenda of the meeting included discussions on Uniper’s new strategy and business outlook, developments […]
On 15th November 2023, a meeting between the Azerbaijani and Serbian delegations took place in Baku. Two important documents for future cooperation were signed at this meeting: a Memorandum of Understanding between the Ministry of Energy of the Republic of Azerbaijan and the Ministry of Mining and Energy of the […]
August 31, 2023, witnessed a ceremony marking the commencement of the first gas production from the Absheron gas and condensate field. In his inaugural address, Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan and Chairman of SOCAR’s Supervisory Board, emphasized the monumental importance of this occasion, particularly […]
On August 4th, 2023, the State Oil Company of Azerbaijan Republic (SOCAR) and Microsoft signed a Memorandum of Understanding. The memorandum envisages cooperation in digitalization, innovation, enhancing IT infrastructure, developing human capital, including exploration, production, processing, and marketing, transportation, and cyber security. As a result of SOCAR’s proactive initiative and […]
The Absheron gas-condensate field, situated in the Azerbaijani sector of the Caspian Sea, approximately 100 kilometers southeast of Baku, has started production under the Early Production Scheme (EPS) phase. This stage involves the connection of the subsea production well to a new gas processing platform, which is linked to SOCAR’s […]
At the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) held on 16th of May in the Republic of Uzbekistan, a Memorandum of Understanding on the promotion of cooperation in the field of decarbonization was signed between the State Oil Company of the Republic of Azerbaijan (SOCAR) […]
SOCAR Trading and Romania’s Romgaz S.A. signed the agreement on gas transportation up to one billion cubic meters of gas from Azerbaijan to Romania in 2023-2024 at the Southern Gas Corridor Advisory Council on February 3, 2023. The new contract will come into force on April 1, 2023 and expands […]