BAKU, Azerbaijan, June 25. The capital expenditure of SOCAR, Azerbaijan’s state oil company on oil and gas rose from 1.816 billion manats in 2021 to 2.944 billion manats in 2022, Trend reports.
As such, the company’s capex on this segment showed more than 62 percent increase year-on-year.
SOCAR’s total capital expenditures in 2022 stood at 4.487 billion manats, compared to 3.836 billion manats in 2021, an increase by almost 17 percent.
It spent 1.157 billion manats on refining in 2022 versus 1.554 billion manats in 2021, while the capex on oilfield services grew from 19 million manats to 69 million manats.
SOCAR is involved in the exploration of oil and gas fields, as well as the production, processing, and transportation of oil, gas, and gas condensate. They actively sell oil and petrochemicals in both domestic and international markets. Additionally, SOCAR supplies natural gas to industrial enterprises and the population of Azerbaijan, as well as European countries.
The company carries out diverse operations across multiple countries, including Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. These activities encompass trading endeavors primarily conducted in Switzerland, Singapore, and Nigeria.
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