Today is the founding day of SOCAR

Today marks the anniversary of the creation of the State Oil Company of the Republic of Azerbaijan (SOCAR).

As BAKU.WS reminds, Azerbaijan's national oil company SOCAR was established on September 13, 1992, on the basis of the state concern Azərineft and the production association Azərnefkimya.

The purpose of establishing the company was to implement the utilization of the oil wealth of the Republic of Azerbaijan based on a unified state policy, to improve the management structure of the oil industry, and to ensure the development of the fuel and energy complex.

Today, SOCAR ranks 68th in the world by capital volume and is an integrated company specializing in the extraction, transportation, processing, and consumption of oil and gas.

At various periods, depending on the nature of the enterprises consolidated and managed by Azərneft, the union was subordinated to different union and republican organizations (the Council of People's Commissars of the Azerbaijan SSR, the Supreme Council of National Economy of the USSR, the Ministry of Heavy Machinery of the USSR, the Council of National Economy of the Azerbaijan SSR) and was called the association Azərneftkomitə, Azərneftkombinat (later Azərneft, Azərneftzavodlar and Azərneftmaşınqayırma) and Azərneftçıxarma.

The company operates two oil refineries, several international oil and gas pipelines, and a number of engineering companies.

According to the decree of the President of Azerbaijan dated September 17, 2022, SOCAR is one of the 10 state bodies that can be founders of print media.

SOCAR is engaged in the search, exploration, and development of oil and gas fields across the entire territory of the republic, including onshore and offshore, as well as the development, processing, and transportation of oil, gas, and gas condensate, and the sale of their products on domestic and foreign markets. The company also carries out a large volume of research and design work.

Currently, Azerbaijan has 57 fields, 18 of which are located in the Azerbaijani sector of the Caspian Sea, and the rest are onshore.

Overall, the Caspian basin holds reserves of approximately 30 billion tons of oil and 18-20 trillion cubic meters of gas, which constitutes 15% of the world's hydrocarbon resources. The Caspian basin belonging to Azerbaijan holds reserves of 3-5 billion tons of oil and 5 trillion cubic meters of gas.