SOCAR reveals substantial investment in joint venture

Azerbaijan's state oil company SOCAR has invested 170 million manats (approximately $100 million) into the joint venture SA Maritime AFEZCO in 2023.

According to Report, which cites SOCAR's consolidated financial report for 2023, SA Maritime AFEZCO is a joint venture between SOCAR and Azerbaijan Caspian Shipping Company (ASCO), established last year.

Each party holds an equal 50% stake in the enterprise.

In 2023, SA Maritime AFEZCO purchased three Aframax-type tankers, named "Shusha," "Karabakh," and "Zangilan," each boasting an impressive deadweight of approximately 115,000 tons. These tankers operate beyond the Caspian Sea.