SOCAR Rus, the Russian subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), was the only company willing to take part in the auction for exploration and extraction of resources of Kalmykia in the Caspian Sea, Turan reports.
The auction was cancelled because no other company wanted to take part in it. The SOCAR has attempted to purchase the license from another state to exploit the resources for the first time. The company is normally investing in foreign oil-refining projects.
