SOCAR reviews foreign firms' role in energy projects in Azerbaijan

SOCAR is reviewing various projects to assess what additional value both the company itself and private firms operating in Azerbaijan can contribute, Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), said at a panel discussion held on the second day of Baku Energy Week, Report informs.

Najaf noted that SOCAR continues to evaluate opportunities for participation in energy projects in Azerbaijan and holds discussions with partner companies: "Depending on the development stage of a field, its size, and its significance for individual companies, different cooperation models may be applied. The company maintains constant contact with BP and other energy firms operating in Azerbaijan. The goal is to achieve greater benefits from existing fields through cooperation, coordination, and synergy."

He added that different companies have different advantages, and in some cases, smaller firms can make quicker decisions compared to large energy companies: "We assess the opportunities to create added value for each project and make decisions based on this. Discussions on new potential projects and cooperation opportunities are also ongoing."