BAKU, Azerbaijan, January 11. Azerbaijan’s state oil company SOCAR has increased oil and condensate exports from 1.4 million tons in 2022 to 3.1 million tons in 2023, Trend reports with reference to the country’s energy ministry.
As such, the company’s oil and condensate exports rose by 2.2 times year-on-year.
During the reporting period, SOCAR produced 7.8 million tons of oil and condensate.
The total oil and condensate production in Azerbaijan amounted to 30.2 million tons in 2023, as compared to 32.6 million tons in 2022, a decrease by 7.4 percent. The country exported 25.2 million tons of oil and condensate, as compared to 26.3 million tons in 2022, down by 4.2 percent.
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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