ECONOMY
SOCAR buys Austrian companies’ filling stations network
Baku, December 20, AZERTAC
SOCAR’s daughter company in Switzerland SOCAR Energy Holdings has purchased filling stations of A1 Company and Pronto Oil firm in Austria.
SOCAR Energy Holdings invests a part of its past five years’ revenues in investment projects in order to increase the capital in downstream, creates synergy with previous investments and expands them.
"The main goal is to benefit from the potential of new market and bring revenues for Azerbaijan’s economy by diversifying the sources of revenues in the future," the company said.
Purchase of A1 network was the next step to expansion strategy of SOCAR. A1 company operates 82 filling stations across the country. The company has 150 employees.
Along with this, SOCAR also bought Pronto Oil Mineralölhandels GmbH.
In order to manage A1 and Pronto Oil Mineralölhandels GmbH, SOCAR Energy Austria LLC was established in Austria. SOCAR plans to exploit the filling stations under that brand.
FEEDBACK
Other news in this section
- 29.08.2023 [10:41]
Oil prices fall in world markets
- 29.08.2023 [10:34]
Azerbaijani oil price sells for $88.56
- 28.08.2023 [16:41]
Shah Deniz celebrates 200 billion cubic metres of total gas production
- 28.08.2023 [10:49]
Oil prices rise in world markets
- 26.08.2023 [10:53]
Azerbaijani oil price exceeds $88
- 26.08.2023 [10:36]
Oil prices rise in world markets
- 25.08.2023 [11:00]
Azerbaijani oil price drops in world markets
- 25.08.2023 [10:21]
Oil prices rise in world markets
- 24.08.2023 [10:57]
Oil prices fall in world markets
FIFA President invited for COP29
- [20:46]
Türkiye releases official results for local elections
- 06.05.2024 [23:46]
Inoue knocks out Nery to defend unified super bantamweight title
- 06.05.2024 [23:13]
Turkish fighter jet KAAN successfully conducts 2nd test flight
- 06.05.2024 [23:03]
Azerbaijan, OSCE discuss bilateral cooperation
- 06.05.2024 [21:25]
Baku-hosted COP29 could contribute to global peace
- 06.05.2024 [20:52]
Turkish National Defense University delegation visits Azerbaijan
- 06.05.2024 [20:39]
Azerbaijan, Iraq explore prospects for bilateral relations
- 06.05.2024 [20:23]
Slovak Prime Minister arrives in Azerbaijan for official visit
- 06.05.2024 [19:36]
Senior Azerbaijani taekwondo fighters to vie for European medals in Belgrade
- 06.05.2024 [19:23]
People in Türkiye celebrate spring festival
- 06.05.2024 [18:44]
Baku elected as World Capital of Sport 2026 VIDEO
- 06.05.2024 [18:32]
Chinese and Korean shooters shine in Baku
- 06.05.2024 [18:24]
AZAL's extensive summer flight program to around 60 destinations
- 06.05.2024 [18:22]
Azerbaijan highlights tourism opportunities at ATM Dubai 2024 exhibition
- 06.05.2024 [18:02]
“Jabbar Hashimov” tanker commissioned after overhaul
- 06.05.2024 [18:01]
Nepal court orders limit on Everest climbing permits
- 06.05.2024 [18:00]
Democratic leader Jeffries: "Pro-Putin faction" in GOP delayed Ukraine aid
- 06.05.2024 [17:19]
“Model OIC IR Academy 2024” starts
- 06.05.2024 [17:15]
Azerbaijan, Bangladesh discuss cooperation
- 06.05.2024 [16:57]
Heatstroke kills 15 people in 14 days in Bangladesh
- 06.05.2024 [16:46]
Azerbaijani swimmers shine with nine medals in Russia
- 06.05.2024 [16:45]
Azerbaijan presents its cuisine in Turkmenistan
- 06.05.2024 [16:44]
Death toll rises to 78 in Brazil as heavy rains continue
- 06.05.2024 [16:07]
Liverpool beat Tottenham Hotspur 4-2 at Anfield
- 06.05.2024 [16:06]
Ministry of Defense: Reservists' training session continues
- 06.05.2024 [16:00]
EURAS President conducts master class at BHOS
- 06.05.2024 [15:02]
Tesla suing Indian company for using its name
- 06.05.2024 [15:00]
Schools closed in India's Manipur amid heavy rains
- 06.05.2024 [14:57]