SOCAR to enter Uzbekistan’s retail fuel market and invest in gas station network

Azerbaijan’s State Oil Company SOCAR is set to enter the retail fuel market of Uzbekistan and invest in the construction of a network of gas stations, Azerbaijan’s Economy Minister Mikayil Jabbarov announced.

Speaking at the IV Azerbaijan–Uzbekistan Interregional Forum in Tashkent, Jabbarov said SOCAR would expand its activities in Uzbekistan beyond upstream energy projects.

The minister noted that SOCAR is already participating as an investor in the development of the promising Ustyurt field in Uzbekistan through a partnership with Uzbekneftegaz and British energy company bp.

"We highly appreciate the trust shown in us. SOCAR will contribute to strengthening the energy security of fraternal Uzbekistan. Also today, it will be officially announced that it will enter the retail trade market of Uzbekistan and invest in the construction of a network of gas stations," Jabbarov said.

The planned investment in gas stations will mark SOCAR’s expansion into Uzbekistan’s downstream retail energy market, complementing its existing involvement in the country’s oil and gas sector.

Jabbarov also announced that AzerGold CJSC, Azerbaijan’s state-owned mining company, will cooperate with Uzbek partners on geological exploration and mining projects.

According to the minister, both SOCAR’s and AzerGold’s activities will be carried out in various regions of Uzbekistan, further broadening Azerbaijan’s investment presence in the country.