Russian expert - SOCAR had a banner year in 2018 | Eurasia Diary -

19 June, Wednesday

Russian expert - SOCAR had a banner year in 2018

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The State Oil Company of Azerbaijan (SOCAR) had quite a banner year in 2018 with the company increasing production of liquid hydrocarbons and expanding the network of filling stations both in Azerbaijan and in other countries," Russian expert and leading analyst with the National Energy Security Foundation Igor Yushkov said.

The expert noted that SOCAR and Rosneft are actively developing cooperation and these companies have a prospect of collaborating in the Caspian Sea, where SOCAR already has a good experience.

Yushkov also stressed Russia's interest in selling its gas. The expert believes that the two countries can work together to supply gas to Europe.

"The TAP and TANAP system implemented for the Azerbaijani gas may become a common corridor with the extention of the second section of the Turkish stream to the EU to enable the countries to exchange gas. For one thing, Azerbaijan has signed an agreement to supply each of Bulgaria and Greece with a billion cubic meters of gas. Consequently, Russia can ship its gas to Bulgaria, while Azerbaijan will transport its gas to Italy under Gazprom's agreement. Such operations with Southern Europe (Bulgaria, Greece, Italy) are quite possible as part of Gazprom's interaction with SOCAR," Yushkov said.

He added that Russia already has such an experience of working with Netherlands and Norway: "They export their gas to Great Britain and register it as Gazprom's contract, while Gazprom supplies its gas to continental Europe recording it as the contract with Statoil."

The analyst believes that in 2019 SOCAR will increase the volumes of oil and gas production, deepen refining, modernize the oil refinery and expand the network of filling stations both in Azerbaijan and in Europe.

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