BAKU, Azerbaijan, June 27. The State Oil Company of Azerbaijan (SOCAR) is ready to actively cooperate with innovators to achieve its goals in the field of decarbonization and the rollout of artificial intelligence, the company's president, Rovshan Najaf, said during Baku Investment Day (BakuID24) today, Trend reports.
Najaf emphasized the importance of innovation and its role in the development of the enterprise.
"SOCAR is actively striving to become not only an oil and gas company but also an energy company that includes renewable energy sources. The company continues to produce oil and gas to ensure the energy security of Azerbaijan and its partners, but it does so with sustainable development in mind," he said.
According to him, to achieve sustainability, SOCAR is implementing decarbonization and CO2 emission reductions in all its processes, starting with investment and procurement decisions.
"The company has announced its goals – to achieve zero carbon dioxide emissions by 2050 and to minimize methane emissions by 2035. The realization of these ambitious plans is impossible without the application of new technologies and innovations, which can be provided by startups and researchers," he added.
SOCAR is involved in the exploration, production, processing, and transportation of oil, gas, and gas condensate. It also markets oil and petrochemical products domestically and internationally and supplies natural gas to industrial enterprises and the population of Azerbaijan and Europe.
The company operates in Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine and conducts
trading activities primarily in Switzerland, Singapore, and Nigeria.
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