SOCAR

SOCAR

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SOCAR

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Description:
The State Oil Company of Azerbaijan Republic (SOCAR) () is the state-owned oil and natural gas corporation of Azerbaijan. It is considered to be one of the largest oil companies in the world. It produces oil and natural gas, operates the country's two oil refineries and the running of oil and gas pipeline throughout the country. 'SOCAR' oversees the international consortia that is developing new oil and gas projects in Azerbaijan.

History

SOCAR was established on 13 September 1992, by Decree 200 of President of Azerbaijan Republic by merger of Azerbaijan's two state oil companies, Azerneft and Azneftkimiya. Azerneft was created after the Bolshevik revolution through the nationalization of the Azerbaijani oil industry. During the Soviet period, Azerneft was incorporated into the new Azerbaijan Oil Industry Ministry (1954–1959) and went through several reorganizations and re-namings. In August 1970, it was renamed back to Azerneft. According to the Presidential Decree No. 50, the company was restructured and several entities within the organization were established to improve management of exploration and production activities in Azerbaijan. On 24 January 2003, another set of organizational restructuring as per...
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