SOCAR

State Oil Company of the Azerbaijan Republic (SOCAR) has announced the start of the transit of Kazakh oil through the Baku-Tbilisi-Ceyhan (BTC) pipeline. The first shipment of Kazakh oil from the Tengiz field arrived at the Sangachal Terminal in Azerbaijan from the port of Aktau via the “President Heydar Aliyev” tanker on March 23, Trend reports citing company.

The State Oil Company of Azerbaijan (SOCAR) has engaged international consulting firms to review its "green" strategy.

This was announced by the representative of SOCAR - Teymur Guliyev at a panel discussion during the seminar "Green hydrogen - a path to decarbonization".

He noted that the process will be completed within six months.

Axpo has agreed the sale of its 5% stake in the Trans Adriatic Pipeline AG (TAP) to TAP shareholders Fluxys and Enagás S.A, it was announced today, Trend reports via the company.

Under the sale and purchase agreement, Belgium’s Fluxys will acquire 1% and Spain’s Enagás 4% of Axpo’s 5% equity stake. Both companies will thus reach 20% ownership of TAP, which includes UK shareholder bp (20%), Azerbaijan’s SOCAR (20%), and Italy’s Snam (20%).

Amid global economic instability, Azerbaijan’s mitigating role in energy crisis is rapidly increasing. With Azerbaijan and the EU agreeing on doubling the supplies of Azerbaijani gas by 2027, the country’s gas exports to Europe are expected to be 20 bcm, while this year at least 11.6 bcm is planned to be supplied. Moreover, Azerbaijan’s total gas exports this year are expected at 24 bcm.

Azerbaijan’s state oil company SOCAR has dismissed the information about purchasing a bitumen plant in Armenia.
Armenian media reported that allegedly, SOCAR is in talks over purchasing a bitumen plant in this country with Georgia’s mediation.

Ibrahim Ahmadov, deputy head of the public relations and events department at Azerbaijan's state oil company SOCAR told Trend that such absurd statements are incompatible with the level of SOCAR.

The Trans Adriatic Pipeline (TAP) made it possible for Italy to export gas in the second half of December 2021, Trend reports with reference to Italian media.

Currently, the construction activities for the Interconnector Greece-Bulgaria (IGB) continues, with trenching and lowering of the welded pipeline being reported by the contractor as completed, the ICGB AD, the project company stated.

Revenues of Petkim, a subsidiary of SOCAR Turkey, have reached record high level since early 2021, Director General of SOCAR Turkey Zaur Gahramanov said at a press conference for representatives of the Azerbaijani media on Nov. 30.

According to Gahramanov, Petkim meets 17 percent of Turkey's petrochemical needs.

State Oil Company of the Azerbaijan Republic (SOCAR) is fully owned by the state and its rating is equalised with that of Azerbaijan (BB+/Stable) under Fitch Ratings’ Government-Related Entities (GRE) Rating Criteria. This is underpinned by state support provided to the company in the form of financial guarantees, cash contributions and equity injections, as well as SOCAR’s social functions and its importance as a state vehicle for the development of oil and gas projects.

An auction for the placement of state medium-term bonds of the State Oil Company of Azerbaijan in the amount of $100 million with a circulation period of five years was held on the Baku Stock Exchange (BSE).

According to the BSE, during the auction, 754 investors submitted 761 bids.

The annual interest rate for the bonds will be 4.5 percent, and payments on it to investors will be made every three months.