SOCAR gives sneak peek of its new dev’t strategy
BAKU, Azerbaijan, Sept.19
By Leman Zeynalova – Trend:
The new development strategy of Azerbaijan’s state oil company SOCAR until 2035 has been worked out together with McKinsey and Company, said SOCAR’s President Rovnag Abdullayev,Trend reports.
Abdullayev announced in his article that the new strategy will soon be presented to the government.
“The major principles of the strategy is to ensure SOCAR’s sustainable development, improved effective management, increasing social and environmental responsibilirt, evaluating the country’s fuel energy demand, ensuring the company’s profitability and debt management.
“SOCAR’s Corporate Strategy 2035 sets out the main directions of coordination of the future operations, as well as integration of the value chain. The Corporate Strategy, worked out in accordance with the Industry 4.0 requirements, focuses on digitalization of production, increasing investments in innovation and venture projects, optimizing human resource potential with professional development programs.
“Based on the new strategy, SOCAR will revise its investment portfolio, thereby ensuring its business sustainability and increasing the effectiveness of its operating model. One of the main goals is to fully meet the domestic demand for oil, gas, processing and chemical industry products, as well as continuously increasing Azerbaijan’s role in ensuring the global energy security. Taking into account the growing popularity of renewable energy sphere, SOCAR intends to develop low-carbon business in the future,” he wrote.
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