BAKU, Azerbaijan, Aug.23
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR exceeded the forecasts for oil production in 2020 by 102.8 percent or by 201,500 tons, Trend reports citing the company.
The company produced a total of 7.407 million tons of oil and condensate in Azerbaijan and the Azerbaijani sector of the Caspian Sea. Azneft production union accounted for 6.110 million tons of this volume.
In fact, the company saw a year-on-year decrease in output, since it produced 7.683 million tons of oil and condensate in 2019. The volume of refining also dropped from 6.194 million tons in 2019 to 5.899 million tons in 2020.
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.
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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