SOCAR envisages implementation of new projects

The State Oil Company of Azerbaijan Republic (SOCAR) plans to implement new projects, Advisor to the Vice President at SOCAR Sariyya Buniyatova said at the Baku Energy Forum.

"We are actively developing and expanding our portfolio in the oil and gas production sector. A notable example is our recent acquisition of a 3% stake in an oil project in the UAE. We have plans for additional projects in production as well as in LNG," Buniyatova said.

She highlighted the increasing interest of foreign investors in Azerbaijan's oil and gas production sector.

"The volume of investments in the production sector is rising compared to previous years. Furthermore, there is a growing awareness that it is impossible to meet the EU's gas demand with low investments in the producing countries," Buniyatova said.

According to the advosor, SOCAR is currently focused on accelerating work in the relevant fields due to the high demand for gas.

In addition, the advisor noted that SOCAR welcomes ADNOC's involvement in the Absheron project.