State Oil Company of Azerbaijan Republic
 |
|
| State-owned | |
| Industry | Oil and gas |
| Founded | September 13, 1992 |
| Headquarters | Baku, Azerbaijan |
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Area served
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Europe & Asia |
|
Key people
|
Rovnag Abdullayev (President) |
| Products | |
| Services | |
| Revenue |
 AZN 33.1 bn (2015)
|
|
AZN 1.3 bn (2015)
|
|
|
AZN -1.8 bn (2015)
|
|
| Total assets |
 AZN 40.0 bn (2015)
|
| Total equity |
AZN 14.6 bn (2015)
|
| Owner | Azerbaijani Government |
|
Number of employees
|
52,576 (2015) |
| Website | www |
The State Oil Company of Azerbaijan Republic (SOCAR) (Azerbaijani: Azərbaycan Respublikası Dövlət Neft Şirkəti) is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea. It operates the country's two oil refineries, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling stations under the SOCAR brand in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The company has about 52,000 employees.
Azneft, a business that integrated the Azerbaijani oil industry was created after the Bolshevik Revolution through the nationalization of the Azerbaijani oil industry. It was subordinate to different organizations in the former Soviet Union and the Azerbaijan Soviet Socialist Republic, depending on its organizations' characteristics at different times and was known as Azerneftkomite, Azerneftkombinat (later divided into the Azerneft, Azerneftzavodlar and Azerneftmashingayirma syndicates), and Azerneftchikharma syndicates, and so forth. In 1954-1959, the Ministry of the Oil Industry of the Azerbaijan SSR and in 1965-1970, the Ministry of Oil Production Industry of the Azerbaijan SSR were established on the basis of Azerneft. In August 1970, it was renamed back to Azerneft.
As the Republic of Azerbaijan gained independence, Azerineft State Concern was established on December 3, 1991. The State Oil Company of the Azerbaijan Republic (SOCAR) was created on 13 September 1992 by the merger of Azerbaijan's two state oil companies, Azerineft State Concern and Azerneftkimiya Production Association according to the decree of then president Abulfaz Elchibey. In 1994, the Onshore and Offshore Oil and Gas Production Association were established as part of the State Oil Company. In 2003, the Onshore and Offshore Oil and Gas Production Association were merged to form the Azneft Production Union.
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Wikipedia