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SOCAR Foreign Investments Near $4.5B

As of January 1, 2017, Azerbaijan’s state oil company SOCAR invested almost $4.49 billion in projects abroad, a source in the company told Trend June 16.

The greatest share of the company’s investments – $3.334 billion – accounted for projects in Turkey, according to the source.

“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 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.

SOCAR is the sole producer of oil products in Azerbaijan. It has filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.