SOCAR Announces its Future Ventur to Launch SOCAR Green

The state oil company of Azerbaijan, SOCAR, has unveiled its plan to form a new branch dedicated to renewable energy, named SOCAR Green. This initiative is in line with the organization's pursuit of its decarbonization objectives and is a response to the Azerbaijani President's initiative to commemorate 2024 as the "Year of Solidarity for a Green World." This development emerged from a meeting led by the Minister of Economy and Head of SOCAR's Supervisory Board, Mikayil Jabbarov, where they evaluated the company’s performance in the initial three quarters of 2023. They examined the progress in oil and gas field developments, production metrics, and the ongoing steps towards reducing carbon emissions.

The draft budget for the forthcoming year was scrutinized, and discussions also covered SOCAR’s new operational framework, which is designed to meet strategic aims and refine the corporate governance processes. The establishment of SOCAR Green emboldens Azerbaijan's dedication to transforming its energy sector into one that prioritizes sustainability and eco-friendliness. Leveraging its extensive expertise in the oil and gas domain, SOCAR is strategically equipped to spearhead the development of renewable energy in Azerbaijan, aiding the broader global shift towards a greener future.

According to the article by Procurement Resource, Azerbaijan's SOCAR has launched SOCAR Green, a renewable energy subsidiary, aligning with national decarbonization goals and the President's vision for a "Green World" by 2024. The decision follows a review of SOCAR's 2023 activities and strategic planning for enhanced corporate governance, signifying a pivotal shift towards sustainable energy development in the country.