The State Oil Company of Azerbaijan (SOCAR) is steadfastly advancing towards innovation, Azerbaijani Economy Minister and Chairman of SOCAR's Supervisory Board Mikayil Jabbarov said at the INMerge Innovation Summit organized by PASHA Holding LLC in Baku, Report informs.
Jabbarov stressed that, as discussed at the World Economic Forum, significant changes related to digitization and transformation are occurring in SOCAR’s petrochemical and processing industries.
“Projects like this are truly rare in such industries. Recently, implementing the International Energy Agency’s (IEA) best practices led to a 30% increase in production with a 40% reduction in raw materials,” he noted.