The goal of the State Oil Company of Azerbaijan (SOCAR) is to turn the company into a national energy company that is an affordable, safe and sustainable energy supplier, SOCAR's vice-president Afghan Isayev said at the forum on "Tax system in the new development period: strategic goals for a sustainable economy" in Baku, Report informs.
He noted that SOCAR is a national oil company operating in the oil and gas value chain, which is at the beginning of the transformation process: "By 2035, the company will become a leading national energy company with a diversified portfolio of hydrocarbon and low-carbon businesses and an emissions profile on par with global energy leaders. In 2050, we aim to turn SOCAR into a national energy company that contributes to global energy security and climate sustainability."
Isayev said that SOCAR's decarbonization program aims to achieve the goal of net zero emissions by 2050:
"At the same time, the decarbonization program is based on the study of emission indicators, portfolio evaluation and detailed examination of realistic targets for reducing emissions. SOCAR uses its internal capabilities to achieve our goals. A program of full-scale decarbonization of operations has already begun in the main geographies where the company operates. SOCAR aims to completely decarbonize its operations using a number of resources, and this program has been launched this year. Decarbonization efforts cover all of SOCAR's segments and production assets in every geography where it operates."