Rovnag Abdullayev: SOCAR interested in expanding its equity participation at global market

Baku. 21 September. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) is interested in expanding the geography and equity at global markets. 

Report informs, SOCAR President Rovnag Abdullayev stated in the article published in "Azerbaijan" newspaper, on the occasion of Professional Day of Oilmen.

Mr.Abdullayev noted that, if 10 years ago the proportion sold outside the Mediterranean market of Azerbaijani oil made 10-15%, now this figure has grown to 45%.

According to him, export of Azerbaijani oil to the Asian markets over the past year amounted to 24% of total SOCAR exports.

He reminded that in Switzerland there are 150 refueling stations under the SOCAR brand, in Ukraine - 50, in Romania - 32.SOCAR provides 95% of regional gas supply and 25% of the retail market of oil products in Georgia.There are 115 fueling stations under SOCAR brand in the country and also provides for an even greater expansion of the network.

"Like other large companies engaged in trading activity, we are engaged in trade belonging to a third party oil and petroleum products. More than 40% of production sold by SOCAR Trading SA is crude oil and petroleum products in other countries and manufacturers. Our trading company established offices in Dubai, Singapore, London, representative offices in Istanbul, Athens, Lagos and Monaco. SOCAR Trading SA is constructing an oil terminal with capacity of 641 thousand cubic meters of the port of Fujairah in the United Arab Emirates in order to strengthen activities in the Middle East and East Africa", Mr. Abdullayev said.