BAKU, Azerbaijan, December 28. The Supervisory Board of Azerbaijan’s state oil company SOCAR has confirmed the establishment of SOCAR Green LLC, Trend reports via the company.
The primary objective of SOCAR Green LLC is to proficiently oversee SOCAR's strategic ventures within the realm of renewable energy. Additionally, the company aims to broaden collaboration opportunities with international partners in this domain and actively contribute to the decarbonization processes within oil and gas operations.
Key activities of SOCAR Green LLC include the implementation of projects in renewable energy, green hydrogen production, carbon capture, utilization, and storage. The company will also play a vital role in formulating strategic roadmaps to reduce carbon dioxide emissions throughout the country. Simultaneously, SOCAR Green LLC will analyze and implement global best practices in these areas, customizing them to the Azerbaijani context.
In the initial phase of the Mega project, SOCAR Green LLC is collaboratively working with Masdar on projects involving the construction of land-based wind and solar power plants with a total capacity of 1 gigawatt. Additionally, jointly with bp, it focuses on a 240-megawatt solar power plant (Sunrise project) in Azerbaijan’s Jabrayil district. Future plans include the construction of solar and wind power plants in the Nakhchivan Autonomous Republic jointly with ACWA Power, Masdar, and Energy China.
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