SOCAR head: Foreign companies invested $50bln in Azerbaijan`s oil industry
Baku, April 8 (AZERTAC). Foreign companies have invested $50 billion in the country`s oil industry, head of SOCAR (State Oil Company of Azerbaijan) Rovnag Abdullayev said in an interview to `The Business Year`.
According to him, there is a favorable environment for foreign companies to invest in Azerbaijan. There is legal and regulatory framework available to promote and protect foreign investment.
"To date, foreign companies have invested $50 billion in the country`s oil industry, and not a single energy agree¬ment has been breached or amended," Abdullayev said.
A prime example of successful cooperation with foreign companies are such projects as the Azeri-Chirag-Guneshli block of oil and gas fields and the Shah Deniz gas condensate field.
SOCAR includes the Azneft production association (producing oil and gas onshore and offshore), the Azkimya production association (chemical industry) and Azerigaz production association (gas distribution).
The State Oil Company of Azerbaijan is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim.
The State Oil Company has its representative offices in European, Asian, African and other countries.
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