Azerbaijan, Baku, Feb. 19 / Trend /
The State Oil Company of the Azerbaijan Republic (SOCAR) does not intend to stop or reduce projects in Azerbaijan due to falling oil prices and the global financial crisis, SOCAR First Vice President for Geology, Geophysics and Mining Khoshbakht Yusifzade said on Feb. 19.
Given the crisis and falling oil prices, projects outside Azerbaijan may experience a slowdown, he said. But international oil prices will stabilize in the near future, he added.
SOCAR is implementing a number of infrastructural and social projects in the country.
The projects include increasing gas production, maintaining stable oil production, exploring drilling areas and establishing regional medical and health centers.
SOCAR works with the Turkish petrochemical holding Petkim abroad. The company intends to build a refinery to provide the holding with raw materials. SOCAR has a terminal in Kulevi on the Black Sea coast of Georgia and owns a network of gas stations and manages gas distribution networks in the country.
SOCAR intends to purchase a share in the Turkish construction holding Tekfen and a refinery in Europe.
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