BAKU, Azerbaijan, March 3. We have set ourselves the goal of transforming SOCAR (State Oil Company of Azerbaijan) into a national energy company, not just an oil and gas company, over the next 10 years, SOCAR Deputy Vice President Teymur Guliyev said, Trend reports.
He made the remark during a public discussion on "Energy Efficiency: Results and Expectations" at the meeting of the Azerbaijani Parliament Committee on Natural Resources, Energy and Ecology today.
"We see SOCAR as an energy company that contributes to global energy security and climate sustainability, not just local or regional, in 2050.
We have medium-term targets that will ensure that we review our targets by 2050 and move forward on the right path.
The company's upcoming targets are to reduce routine flaring to zero by 2030, reduce upstream emissions intensity by 30 percent, reduce corporate emissions intensity by 30 percent by 2035, reduce total emissions by 20 percent, and reach net zero by 2050. A methane intensity close to zero is also targeted in the upstream segment," Guliyev added.
SOCAR is involved in the exploration of oil and gas fields, as well as the production, processing, and transportation of oil, gas, and gas condensate. The company also handles the sale of oil and petrochemical products in both domestic and international markets and supplies natural gas to industrial enterprises and the population in Azerbaijan, as well as to Europe.
The company operates in countries including Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine, with trading activities primarily in Switzerland, Singapore, and Nigeria.
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