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SOCAR reveals volume of investments in Georgia

Oil&Gas Materials 2 September 2020 13:04
SOCAR reveals volume of investments in Georgia

BAKU, Azerbaijan, Sept.2

By Leman Zeynalova – Trend:

Azerbaijan’s state oil company SOCAR has invested more than $1.1 billion in Georgia’s economy from 2007 through 2019, Trend reports with reference to SOCAR.

SOCAR entered Georgian market in 2006 and has been investing in this country’s energy sector since then.

“Currently, SOCAR Georgia Energy, SOCAR Georgia Petroleum, SOCAR Georgia Gas, SOCAR Georgia Security and Kulevi oil terminal successfully operate in Georgia. These companies have paid $1.5 billion worth taxes to Georgia’s state budget over 12 years. SOCAR is the biggest taxpayer of Georgia.

SOCAR Georgia Petroleum has 114 filling stations, 16 service centers and five oil terminals in Georgia. It is engaged in wholesale and retail sale of oil products of Azerbaijan and third countries.

SOCAR Georgia Gas supplies more than 715,000 consumers with natural gas in Georgia.

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

SOCAR conducts various petroleum activities in countries such as Georgia, Turkey, Romania, Switzerland, Germany and Ukraine, including trading activities, mainly in Switzerland, Singapore and Nigeria.

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Follow the author on Twitter: @Lyaman_Zeyn

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