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Azerbaijan's SOCAR takes on stretching out co-op with Congo (Exclusive)

Economy Materials 6 March 2024 17:37 (UTC +04:00)
Lada Yevgrashina
Lada Yevgrashina
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BAKU, Azerbaijan, March 6. SOCAR Trading, the trading house of the State Oil Company of the Azerbaijan Republic, effectively engages in the trading of oil and oil products from Congo and aims to expand its business ties with the country, an informed source exclusively told Trend.

The information was obtained following discussions between SOCAR management in Baku and the President of the Congo's Personal Representative for Strategic Issues and International Negotiations, Francoise Joly.

Congo, which joined the Organization of Petroleum Exporting Countries (OPEC) in 2018, has enormous resources, including 1.8 billion barrels of oil and 284 billion cubic meters of gas. These resources are commercialized through self-sale or middlemen like traders, particularly SOCAR trading.

"The country is actively developing its renewable energy sector, particularly by constructing large-scale solar power plants. SOCAR is seeking prospects to get into the green business in Congo and has begun discussions with the leadership of this Central African country," the source noted.

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