$70b Invested in Azeri Energy in 2 Decades

$70b Invested in Azeri Energy in 2 Decades$70b Invested in Azeri Energy in 2 Decades

Over $68.2 billion has been invested in Azerbaijan’s oil and gas sector from 1995 till 2016 as part of the production sharing agreements, said Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR.

“Currently, SOCAR successfully represents Azerbaijan in 17 production sharing agreements signed with 23 companies from 15 countries,” said Abdullayev, Trend reported.

At the same time, the activities of 36 joint enterprises, six alliances and subsidiaries created with participation of SOCAR cover all spheres of the oil and gas industry abroad, he added.

“The world’s industry giants, in particular BP, Total, Petronas, TPAO, Chevron, Statoil, LUKOIL and others are among our foreign partners with which we cooperate within the joint projects,” said SOCAR’s president.

According to Balkan Murad Heydarov, SOCAR Balkans' director, the company is interested in entering the Bulgarian oil products market.   

He noted that currently SOCAR is holding talks on the possibilities of benefiting from Bulgaria’s gas and oil products markets.

“Such talks are underway. We believe this market is very promising. From Bulgaria’s point of view, this also covers the diversification of oil products supply. However, this is a long-term project,” Heydarov noted.