SOCAR plans to up Azerbaijan’s proven gas reserves up to 5 trillion cubic meters

SOCAR made presentation of its activities for Fitch Raitings on July 29.

SOCAR President Rovnag Abdullayev said though SOCAR is totally state-owned company, it fully acts as a commercial enterprise.

Abdullayev said Azerbaijan has become one of the key players in terms of ensuring European energy security and is a participant to the South Corridor project.

“Currently, there is a great interest in Azerbaijani gas and the country has potential to export gas to Russia, Iran, Georgia, Turkey and Greece. We are carefully considering all the proposed projects to export gas, but preference will be given to projects with the lowest risk and highest profit,” he said.

In addition, through the exploration and drilling operations in new fields SOCAR will bring the amount of Azerbaijan’s proven gas reserves Azerbaijan up to 5 trillion cubic meters in the coming years,” Abdullayev said.

As to SOCAR activities in Georgia and Turkey, the president said following take-over by SOCAR/Turcas/Injas alliance the Turkish largest petrochemical complex Petkim made profits thanks to a well-organized management despite financial and economic crisis.

Abdullayev said SOCAR has already invested $400 million in Georgia’s economy as a part of the purchase of an Kulevi oil terminal and the company currently controls 75% of the fuel and gas market of Georgia.

The SOCAR president noted the company is working with rating agencies Fitch Raitings and Moody’s. The company signed a contract with Moody’s in 2008 and with Fitch Raitings in 2009.

Following the meeting the representatives of Fitch Raitings noted Fitch’s assigning rating to SOCAR should be seen as the next important step in transforming the company into transnational one.

Currently, Azerbaijan’s proven gas reserves total about 2 trillion cubic meters, 1.2 trillion cubic meters of which account for the Shah Deniz field.

/Interfax Azerbaijan/