SOCAR
State-owned oil and gas company in Azerbaijan / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about SOCAR?
Summarize this article for a 10 year old
The State Oil Company of the Republic of Azerbaijan (Azerbaijani: Azərbaycan Respublikası Dövlət Neft Şirkəti, ARDNŞ), largely known by its abbreviation SOCAR, is a fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under the SOCAR brand in Azerbaijan, Turkey, Georgia, Ukraine, Romania, Switzerland, and Austria.
SOCAR | |
Native name | Azərbaycan Respublikası Dövlət Neft Şirkəti |
Company type | State-owned |
Industry | Oil and gas |
Founded | 13 September 1992 (1992-09-13) |
Founder | Abulfaz Elchibey |
Headquarters | , |
Area served | Europe & Asia |
Key people | Rovshan Najaf (president) |
Products | |
Services | |
Revenue | AZN 119,2 bn (2022)[1] |
AZN 9.36 bn (2022)[1] | |
AZN 9.4 bn (2022)[1] | |
Total assets | AZN 80.8 bn (2022)[1] |
Total equity | AZN 33.3 bn (2022)[1] |
Owner | Azerbaijani Government |
Number of employees | 100,000 (2018)[2] |
Subsidiaries | BOS Shelf, AZFEN, Petkim, Star Refinery, Baku Shipyard LLC, Interfax Azerbaijan, Ateshgah Insurance, AzLAB, EKOL Engineering |
Website | www |
SOCAR is a major source of income for the authoritarian regime in Azerbaijan.[3] The company is run in an opaque manner, as it has complex webs of contracts and middlemen that have led to the enrichment of the country's ruling elites.[3][4][5][6][7]