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SOCAR studying new investment projects in EU

Oil&Gas Materials 17 February 2015 15:24 (UTC +04:00)

Baku, Azerbaijan, Feb.17

By Maksim Tsurkov - Trend:

The State Oil Company of Azerbaijan (SOCAR) is working on new investment projects in Europe, high-ranking representative of SOCAR told Trend on Feb.17.

The company representative said that the investment projects are proposed not by the EU and European Commission, but by the companies which are ready to sell some facilities on the territory of EU, or propose them for joint use.

"SOCAR, for its part, is working on finding some projects in which it could participate," said the company representative, adding that it aims not to help anyone, but to maximize the state's profit. "Nevertheless, it is a mutually beneficial process."

"Such projects exist, we are working on them, but nothing concrete can be said until the work is completed," said SOCAR's representative.

It was earlier reported that SOCAR is interested in making new investments in EU's economy.

SOCAR, the only producer of petroleum products in Azerbaijan, also actively operates beyond the country. It has two oil refineries, as well as gas filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

Earlier, the company told Trend that it plans to construct five new filling stations and increase their number to 117 in Georgia and reconstruct four operating filling stations.

Moreover, the State Oil Company of Azerbaijan continues its operation and expansion of its filling stations' network in Ukraine despite the difficult situation in the country.

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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