Azerbaijan's SOCAR boosts investments in oil, gas production - company president (PHOTO)

Oil&Gas Materials 1 June 2023 12:39 (UTC +04:00)
Azerbaijan's SOCAR boosts investments in oil, gas production - company president (PHOTO)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, June 1. The State Oil Company of the Republic of Azerbaijan (SOCAR) has recently increased investments in oil and gas production, President of SOCAR Rovshan Najaf said during the Baku Energy Week, Trend reports.

According to him, at present SOCAR is investing in the energy transition.

"First of all, we are thinking about diversifying routes and providing countries that are poorly provided with oil and gas resources and electricity. We cannot ignore these global crises," he said.

Besides, according to Najaf, oil and gas production cannot be stopped in the coming decades.

"We are ready to diversify projects, green energy production, integrate our sources of transportation with others. Despite on difference in opinions regarding production of hydrocarbons, the production is necessary and it should be done on the basis of green technologies," he stressed.

Najaf added that SOCAR is open to international cooperation with all the participants in the field of energy transition and sustainable production.

The Baku Energy Week is taking place in the capital of Azerbaijan, combining three prestigious events under one brand from May 31 to June 3.

The 28th International Caspian Oil&Gas Exhibition (Caspian Oil & Gas) and the 11th Caspian International Power and Green Energy Exhibition (Caspian Power) are being held within the framework of the Baku Energy Week.

Baku Energy Week is traditionally held with the support of the Ministry of Energy and SOCAR.

Besides Azerbaijan, the US, Germany, Austria, Belarus, UAE, Bulgaria, UK, Vietnam, China, Algeria, Philippines, Finland, France, Georgia, Spain, Israel, Sweden, Switzerland, Italy, Canada, Kuwait, Kazakhstan, Hungary, Monaco, the Netherlands, Norway, Uzbekistan, Romania, Russia, Serbia, Saudi Arabia, Singapore, Thailand, Türkiye and Japan are represented at the event.

The Caspian Oil&Gas and Caspian Power exhibitions are being held at the Baku Expo Center, and the Baku Energy Forum are being hosted by the Baku Congress Center.