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July 03, 2015 5:18 PM ET

Oil, Gas and Consumable Fuels

Company Overview of State Oil Company of the Azerbaijan Republic

Company Overview

State Oil Company of the Azerbaijan Republic engages in exploring, producing, processing, marketing, and transporting oil, gas, and gas condensate. The company also engages in marketing petroleum and petrochemical products; and supplying natural gas to industry and public sectors. It serves customers in Azerbaijan and internationally. The company was founded in 1992 and is based in Baku, Azerbaijan with representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, and Ukraine; and trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries. It also has a network of fuel stations in Ukraine.

73, Neftchilar Avenue

Baku,  1000

Azerbaijan

Founded in 1992

Phone:

994 12 521 03 32

Key Executives for State Oil Company of the Azerbaijan Republic

Chairman of The Council and President
Age: 50
Head of The Executive Office and Member of The Council
Age: 60
Vice President of Investments & Marketing and Member of The Council
Age: 55
Head of the Legal Department, Member of the Council and Member of Audit Committee
Age: 50
Vice-President of Human Resources, Information Technology & Regulations and Member of the Council
Age: 57
Compensation as of Fiscal Year 2015.

State Oil Company of the Azerbaijan Republic Key Developments

Gazprombank Finances State Oil Company of the Azerbaijan Republic's Planned PP, PE Plants with $489 Million Loan

Gazprombank is to finance the construction of polypropylene (PP) and polyethylene (PE) installations by the State Oil Company of the Azerbaijan Republic (SOCAR) with a $489 million loan. The loan for the capital expenditure project worth an overall $700 million would have a repayment period of 10 years. The 180,000 tonne/year PP plant and the 120,000 tonne/year PE plant are to be constructed at the under-development Sumgait Chemical Industrial Park outside Baku in Azerbaijan by SOCAR subsidiary SOCAR Polymer.

SOCAR To Divest Refining Units After Liquidation Of Azneftyag Plant

State Oil Company of the Azerbaijan Republic (SOCAR) plans liquidation of Azneftyag oil refinery and its merger with Baku Oil Refinery named after Heydar Aliyev. SOCAR’s President Rovnag Abdullayev said that following the liquidation of Azneftyag plant, several primary refining units of this enterprise will be put up for sale.

The State Oil Company of Azerbaijan Reports Production Results for the Three Months Ended March 2015

The State Oil Company of Azerbaijan reported production results for the three months ended March 2015. For the period, the company produced 2.07 million metric tons of oil from the country's onshore and offshore fields. Thus, the company produced 1.8% less oil compared to the same period last year (2.11 million metric tons).

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