TODAY.AZ / Business

SOCAR foreign investments hit $4.5B

29 June 2017 [12:36] - TODAY.AZ
By Azernews

By Sara Israfilbayova

Azerbaijan’s state oil company SOCAR invested almost $4.49 billion in projects abroad as of January 1, 2017.

The greatest share of the company’s investments - $3.334 billion - accounted for projects in Turkey a source in the company told Trend.

"As much as $414.5 million were invested in projects in Switzerland," said the source. "Investments worth $386.9 million accounted for projects in Georgia, $281.7 million were invested in projects in Ukraine, and $71.3 million were invested in projects in Romania."

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.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

At present, SOCAR is the only producer of petroleum products in the country, and operates more than 370 petrol stations in Switzerland, Georgia, Romania and Ukraine. SOCAR is also a co-owner of Turkey's largest petrochemical complex Petkim and other assets in Turkey.



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