SOCAR's deposits surge nearly 5 times

As of January 1, 2025, the State Oil Company of Azerbaijan (SOCAR) had deposits of 2.84 billion manats ($1.67 billion), marking a 4.7-fold increase year-on-year, Report informs, citing the company's financial statement.

SOCAR was established by the decree of the Azerbaijani President dated September 13, 1992. The company, which is 100% state-owned, mainly engages in the production, processing, and transportation of oil, gas and gas condensate, as well as the sale of oil, gas and petroleum products. Its charter capital is 5.014 billion manats (just under $2.95 billion).