BAKU, Azerbaijan, December 15. Azerbaijan's state oil company SOCAR, reported that its capital investments for the year 2022 amounted to 1.2 billion manat, falling significantly short of the initially planned 3.2 billion manat, Trend reports.
Of the total investment, 303.9 million manat was allocated for drilling, 2.6 billion manat for construction, 128.9 million for equipment not scheduled for installation, and 138.9 million manat for geological exploration.
However, the actual investment figures revealed that 178.9 million manat were spent on drilling, over 825 million manat on construction, more than 49 million manat on equipment not to be installed, and 138.9 million manat on geological exploration.
SOCAR operates in diverse sectors, encompassing oil and gas field exploration, oil, gas, and gas condensate extraction, processing, and transportation, alongside the distribution of oil and petrochemical products in both domestic and international markets. Furthermore, the company plays a crucial role in supplying natural gas to both industrial enterprises and the general population of Azerbaijan, as well as extending its services to Europe.
Beyond Azerbaijan, SOCAR is actively involved in numerous international ventures, spanning countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. Additionally, the company engages in significant trading operations primarily based in Switzerland, Singapore, and Nigeria.
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