TODAY.AZ / Business

SOCAR to increase gas reserves in UGSs

10 September 2019 [13:46] - TODAY.AZ

By Azernews


By Gasimova Rasana

Azerbaijan possesses two underground gas storages (UGS) - Kalmaz and Garadagh. Kalmaz UGS, put into operation in 1955, is located 75 km to the south-east from Baku. Garadagh UGS is 25 km to the south-east from the capital.

SOCAR (State Oil Company of Azerbaijan) is planning to increase its natural gas reserves in UGSs up to 3.2 billion cubic meters in 2019, Ibrahim Ahmadov, Deputy Head of the SOCAR Public Relations and Event Management Department, told local media.

He noted that in the 2018-2019 winter period, the total reserves in UGSs were brought up to 3 billion cubic meters. Thus, the volume of gas reserves in the UGSs for the 2019-2020 autumn-winter period is expected to increase by 6.6 percent.

The capacity of Azerbaijan’s UGSs is 3.5 billion cubic meters, which allows meeting the country's domestic needs by 30-33 percent.

At the same time, SOCAR continues the work to increase the total capacity of the Garadagh and Kalmaz UGSs to 5 billion cubic meters. This process is expected to be completed in the coming years.

SOCAR 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 refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

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

URL: http://www.today.az/news/business/186147.html

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