BAKU, Azerbaijan, Sept. 28, 2020 (GLOBE NEWSWIRE) — Azerbaijan’s state-owned company SOCAR has become the main gas supplier to Turkey. This is reported by the US Tribune.

“If a year ago Azerbaijani gas occupied the 4th-5th place in the Turkish market, now we are in the first place, which is very important for us and for Turkey, because gas ensures the energy security of each country. 20 years ago, our country did not even think about its role as a major gas exporter to one of the largest gas markets in Europe. The situation in Azerbaijan has changed dramatically in recent decades. Azerbaijan’s role has grown all over the world, and not only in the oil sector,” Ilham Aliyev said.

The first step towards establishing the company as one of the world’s gas centers was the signing of the agreement on the development of the Azeri-Chirag-Guneshli field on September 20, 1994. This agreement, known as the “deal of the century”, became the basis of Heydar Aliyev’s oil and gas strategy. Revenue from this contract exceeded $150 billion.

According to the company’s most recent audit report, the SOCAR’s turnover in 2019 was $50 billion, with 93% of this turnover coming from operations in the foreign markets.

SOCAR, in addition to oil and gas activities, is actively working in the chemical complex, becoming the largest exporter in the non-oil sector. This is mainly facilitated by the activities of SOCAR Methanol and SOCAR Polymer.

Turkey occupies a special place in SOCAR’s investment projects, where the company bought a large petrochemical complex, Petkim, built a STAR refinery, and is developing a transport and logistics direction.

In 1990, SOCAR was an exclusively Azerbaijani company with a small global production level, but 20 years later it became a respected player in the global oil market. The company has a large number of gas stations in Ukraine, Georgia, Romania, and Switzerland.

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SOCAR has reached a new level of gas supply around the world – Press Release

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