SOCAR is the prime partner of the international forum “Oil and Gas of Turkmenistan-2023”
13:39 24.10.2023 7622
SOCAR has been announced as the prime partner of the XXVIII International Conference and Exhibition “Oil and Gas of Turkmenistan” (OGT 2023), which will be held in Ashgabat on October 25-27. As is known, the organizers of the upcoming forum are the State Concerns “Turkmengas”, “Turkmennebit”, the Chamber of Commerce and Industry of Turkmenistan and the State Corporation “Turkmengeology” in partnership with the ES “Turkmen Forum” with the support of the British company GaffneyCline.
The three-day event will bring together heads of national oil and gas companies, heads of leading international and financial organizations, and representatives of leading energy companies to discuss solutions to achieve a future with zero methane emissions.
SOCAR, headquartered in Switzerland, was registered in December 2007 as the marketing arm of the State Oil Company of the Republic of Azerbaijan (SOCAR). It was created for the purpose of trading Azerbaijani oil produced at the Azeri-Chirag-Guneshli field and other nearby fields in Azerbaijan. Since then, the company has significantly expanded its presence in the international market and has now accumulated extensive experience in long-term partnership with Turkmenistan in the field of oil and petroleum products.
SOCAR has made significant progress in investing in logistics operations, trading oil and petroleum products to third parties, and participating in oil refining operations. The company also supplies Azerbaijani oil through the Western Route Oil Pipeline (WREP) in Georgia, Baku-Tbilisi-Ceyhan (BTC) in Turkey and Baku-Novorossiysk in Russia.
In the Caspian Sea region, the company has invested in several infrastructure projects to facilitate trade flows and is a logistics hub for export flows of various grades of oil produced in the region. Present at all stages of the value chain, SOCAR is focused on further expansion by increasing trade in light oil and LNG in 2021-2033, developing trade in petroleum products and further expanding its position in gas trade in Southern and Eastern Europe.
SOCAR is confident that it will play an even more important role in the increasing trade between Azerbaijan and Turkmenistan following the signing in January 2021 of a Memorandum of Understanding between the two governments on joint exploration, development and development of the Dostluk hydrocarbon field in the Caspian Sea.
This field is expected to open up new opportunities for exporting natural gas to the West. The field's reserves amount to about 60 million tons of oil and 100 billion cubic meters of natural gas.
During the fourth meeting of the working group to prepare an agreement between the governments of Turkmenistan and Azerbaijan on joint exploration and development of hydrocarbon resources of the Caspian Dostluk field, the progress achieved in joint work was noted.
SOCAR's participation in OGT 2023 will be the next stage in further strengthening mutually beneficial cooperation with national and international energy companies that will take part in this event.
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