Rovnag Abdullayev: SOCAR turned into global transnational corporation (UPDATE)
Details added (first version posted on 12:01)
Baku, Azerbaijan, May 30
By Maksim Tsurkov - Trend:
Azerbaijan’s state oil company SOCAR has turned into a global transnational corporation that has become competitive in foreign markets, SOCAR President Rovnag Abdullayev said at the 25th International Caspian Oil & Gas Exhibition and Conference in Baku May 30.
He noted that the signing of the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields in 1994 became the main milestone that preceded these achievements of SOCAR.
“Since the beginning of the ACG development, Azerbaijan has received a net profit worth more than $132 billion,” Abdullayev said. “Some 446 million tons of oil were produced at the ACG. This is while 91 billion cubic meters of gas and 23 million tons of condensate were extracted from Azerbaijan’s Shah Deniz field.”
He also spoke about the importance of launching the Southern Gas Corridor in order to strengthen the positions of SOCAR.
“Phase 0 of the TANAP gas pipeline will be launched in June, and Phase 1 will be ready by the end of 2019,” Abdullayev said. “Europe is the most promising gas market, and in 2020, once the TAP gas pipeline is launched, gas from Azerbaijan will reach this market.”
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