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April 24, 2015 10:25 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: 49
Head of The Executive Office and Member of The Council
Age: 59
Vice President of Investments & Marketing and Member of The Council
Age: 54
Head of the Legal Department, Member of the Council and Member of Audit Committee
Age: 49
Vice-President of Human Resources, Information Technology & Regulations and Member of the Council
Age: 56
Compensation as of Fiscal Year 2014.

State Oil Company of the Azerbaijan Republic Key Developments

State Oil Company of Azerbaijan Republic Announces Estimates Cost $700 Million for the Construction of SOCAR Polymer Plant

Investment in the construction of a petrochemical complex in Sumgait to produce base polymers will total an estimated $700 million. This figure includes the construction of two plants, a central office and storage facilities. The founders of the company will finance 40% of the cost and the remainder will be financed with loans. SOCAR Polymer has already raised $420 million from Russia's Gazprombank. The financing was secured in December. The company will begin building a polypropylene plant with annual capacity of 180,000 tonnes in the summer of 2015. Completion is scheduled for 2017. A polyethylene plant, which will primarily manufacture high-pressure plastic pipes and will have capacity of 120,000 tonnes per year, is expected to open in 2018. The company has already determined its strategy for purchasing feedstock and selling products on the domestic and international markets. SOCAR Polymer has signed a contract with SOCAR to 2030 for the purchase of feedstock in the form of propylene, ethylene and hydrogen. SOCAR Polymer also plans to sign an agreement with SOCAR Trading for the guaranteed sale of manufactured products on the international market. Negotiations are also underway with SOCAR's marketing and economic operations department concerning sales on the domestic market. It was reported earlier that the first phase of State Oil Company of Azerbaijan Republic's plans to build an oil and gas processing complex (OGPC), from 2015 to 2020, involves building a gas processing plant, polyethylene and polypropylene production plants, and general plant infrastructure. The second involves building a new oil refinery.

KBR and SOCAR Announce New Engineering Joint Venture in Azerbaijan

KBR, Inc. announced that it has signed a joint venture (JV agreement with the State Oil Company of Azerbaijan Republic (SOCAR o establish a new engineering and support services company in Azerbaijan. With support from KBR and SOCAR, the new company will provide design, engineering, technical, procurement, construction supervision and project management service for projects across the upstream, midstream and downstream oil and gas sectors, primarily in the Republic of Azerbaijan. The company will also prepare technical requirements for all stages of a project, including project management, contract supervision, planning and cost control. Additionally, it will train and develop the local workforce and supervise contractors throughout all stages of a project - from startup through construction and into performance testing.

SOCAR Launches New Filling Station in Ukraine

SOCAR continues to expand its network of fuel stations in Ukraine. Another fuel station was built in the province of Nikolaev on the south of Ukraine. This is the 7th fuel station of SOCAR opened in the Nikolaev province and the 50th fuel station working under the brand of SOCAR in Ukraine. The new filling station realizes fuel A-92, A-95, and A-95 ''Nano'', diesel ''Nano'' and liquefied gas produced at the leading oil refineries in Poland, Lithuania and Belarus in compliance with environmental standard ''Euro-5''. The stations also provides services free of charge as filling tires, water supply for vehicles, Wi-Fi, power supply for mobile phones, and etc.

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