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State Oil Company of the Republic of Azerbaijan (SOCAR)

The State Oil Company of the Republic of Azerbaijan is a fully state-owned national oil and gas company headquartered in Baku, Azerbaijan.

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Energy and Utilities  

AZ Azerbaijan

Country

Summary

The State Oil Company of the Republic of Azerbaijan (SOCAR) is a fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under the SOCAR brand in Azerbaijan, Turkey, Georgia, Ukraine, Romania, Switzerland, and Austria.

SOCAR is a major source of income for the authoritarian regime in Azerbaijan. The company is run in an opaque manner, as it has complex webs of contracts and middlemen that have led to the enrichment of the country's ruling elites.


History

After the Bolshevik Revolution, the Azerbaijani oil industry underwent nationalisation, giving rise to Azneft, an integrated business entity. Over time, it operated under various organizations' umbrellas within the Soviet Union and the Azerbaijan Soviet Socialist Republic, undergoing name changes like Azerneftkomite, Azerneftkombinat, Azerneft, and others. In 1991, following the nation's independence, Azerineft State Concern was established. The State Oil Company of the Azerbaijan Republic (SOCAR) emerged in 1992 through the merger of Azerineft State Concern and Azerneftkimiya Production Association.

Post-independence, SOCAR played a pivotal role in Azerbaijan's economic recovery. The 1990s witnessed a strategy focused on revitalising oil exploration and maximising existing wells, boosting the nation's economic prospects. As Azerbaijan faced challenges, including a war with Armenia and economic crises, the government pursued oil exploration to revive its economy.

In 2022, Rovshan Najaf was appointed President of SOCAR, assuming leadership responsibilities in the evolving landscape of Azerbaijan's oil and energy sector. The country's journey, from nationalized industry to post-independence consolidation and the complexities of managing oil wealth, continues to shape its economic trajectory and diversification efforts.


Mission

The State Oil Company of the Azerbaijan Republic (SOCAR) is committed to being a driving force in the development, exploration, and sustainable management of Azerbaijan's oil and gas resources. Its overarching mission centers around ensuring energy security for the nation while advancing technological innovation, fostering economic growth, and enhancing global energy partnerships. SOCAR aims to responsibly harness Azerbaijan's hydrocarbon reserves to contribute to the nation's prosperity, diversification, and long-term economic sustainability.

SOCAR's dedication extends beyond domestic operations, aiming to solidify its position as a respected and influential player in the international energy arena. With a focus on efficiency, safety, and environmental stewardship, SOCAR seeks to uphold its role as a responsible energy provider while actively participating in projects that promote regional and global energy security. Through collaboration, innovation, and responsible resource management, SOCAR strives to contribute to the energy needs of Azerbaijan and the world at large.


Vision

The vision of the State Oil Company of the Azerbaijan Republic (SOCAR) revolves around becoming a globally recognised and sustainable energy leader. SOCAR envisions itself as a driving force that transforms Azerbaijan's hydrocarbon resources into a catalyst for economic growth, technological advancement, and regional energy security. By efficiently managing its operations and maintaining a focus on safety and environmental responsibility, SOCAR aims to ensure a resilient energy future for the nation.

At the heart of SOCAR's vision is a commitment to fostering strong international partnerships, expanding its influence beyond national borders. By pursuing innovative approaches and embracing cutting-edge technologies, SOCAR aspires to remain at the forefront of the energy industry's evolution, contributing to a diversified and balanced global energy landscape. Through responsible resource management, strategic collaboration, and a dedication to sustainability, SOCAR envisions a future where Azerbaijan's energy potential is harnessed for the benefit of the nation and the world.


Key Team

Rovshan Najaf (Chairman of the Board of Directors)

Zaur Gahramanov (CEO)

Teymur Abasguliyev (CFO)

Sibel Ugur (Chief Human Resources and Corporate Services)

Mehmet Celal Savas (Chief Legal Officer)

Fuad Ibrahimov (Head of Gas Business Unit)

Anar Mammadov (Head of Refinery and Petrochemicals Business Unit)

Hakan Irgit (Chief Digital Transformation Officer)

Emil Eminov (Head of Portfolio Management Business Unit)

Kanan Mirzayev (Chief Strategy Officer)


Recognition and Awards
The State Oil Company of the Azerbaijan Republic (SOCAR) has earned acclaim and recognition for its significant contributions to the energy sector, sustainable practices, and commitment to excellence. These achievements underscore SOCAR's status as a respected industry leader on both the national and international stages. Over the years, SOCAR has received prestigious awards that highlight its exceptional performance in various aspects of the energy value chain. These accolades range from recognition for its innovative contributions to refining and petrochemical processes to acknowledgments of its dedication to corporate social responsibility and environmental stewardship. One notable recognition is the Energy Globe Award, which SOCAR received for its initiatives aimed at minimizing environmental impacts and promoting sustainability. This award underscores SOCAR's commitment to responsible resource management and its contributions to preserving the environment. SOCAR's reputation for safety and operational excellence has also been acknowledged through awards such as the British Safety Council's International Safety Award. These honors reflect the company's unwavering commitment to ensuring the well-being of its employees, stakeholders, and communities, while maintaining the highest standards of operational integrity. Additionally, SOCAR has been recognized for its contributions to fostering economic growth, innovation, and technological advancement within Azerbaijan. These achievements highlight SOCAR's pivotal role in driving the nation's progress and enhancing its global energy standing.

Products and Services

The State Oil Company of the Azerbaijan Republic (SOCAR) offers a diverse range of products and services that span the entire energy value chain. Leveraging its expertise in the exploration, production, and refining of oil and gas, SOCAR provides a reliable supply of hydrocarbon products to meet both domestic and international energy demands.

SOCAR's product portfolio includes various refined petroleum products such as gasoline, diesel, aviation fuel, and liquefied petroleum gas (LPG). These products are essential for powering transportation, industry, and daily life. The company operates modern and technologically advanced refineries that ensure the production of high-quality fuels meeting stringent environmental standards.

In addition to refining, SOCAR is involved in the distribution and marketing of its products. It manages an extensive network of retail outlets, providing consumers with access to quality fuels and lubricants. This retail presence plays a vital role in delivering energy solutions directly to end-users.

Beyond traditional energy offerings, SOCAR is committed to advancing sustainable energy solutions. The company is engaged in renewable energy projects and endeavors to diversify its energy portfolio, incorporating cleaner and more environmentally friendly options.

Furthermore, SOCAR's services encompass a wide spectrum, including exploration and production activities, pipeline transportation, and engineering and technical services. The company's expertise extends to both onshore and offshore operations, demonstrating its comprehensive capabilities across the energy sector.


References
State Oil Company of the Republic of Azerbaijan (SOCAR)
Leadership team

Rovshan Najaf (Chairman of the Board of Directors)

Zaur Gahramanov  (CEO)

Teymur Abasguliyev (CFO)

Sibel Ugur (Chief Human Resources and Corporate Services)

Mehmet Celal Savas (Chief Legal Officer)

Hakan Irgit (Chief Digital Transformation Officer)

Kanan Mirzayev (Chief Strategy Officer)

Industries

Energy and Utilities

Products/ Services
Petroleum, Natural gas, Fuels, petrochemicals, Sales, transportation, Service stations, trading, Shipbuilding
Number of Employees
Above 50,000
Headquarters
121 Haydar Aliyev Ave, Baku, AZ1029, Azerbaijan
Established
1992
Company Type
State-onwed enterprise
Company Registration
9900003871 (TIN)
Social Media

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