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SOCAR becomes minority shareholder of SOCAR Energoresurs Group in Russia

SOCAR becomes minority shareholder of SOCAR Energoresurs Group in Russia

Baku, October 31 - Neftegaz.RU. Azerbaijan´s SOCAR completed necessary procedures and became a minority shareholder of the SOCAR Energoresurs Group in Russia, Trend reports citing the company.

SOCAR Energoresurs Group unites Antipinsky Refinery and 3 oil fields with 45 million tons of proven oil reserves in Russian Orenburg Oblast.

SOCAR’s main role in this project is to provide managerial expertise to Antipinsky Refinery. Given the structure of the agreement, The company’s participation in the Antipinsky Refinery does not create risks for SOCAR related to the refinery’s previous debts.

Antipinsky Refinery has annual production capacity of 7.5 million tons. It produces diesel, vacuum gasoil, naphtha, gasoline (A80 and A92), coke, technical sulfur, process oil and liquefied gas.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.

3 production divisions, 1 oil refineries and 1 gas processing plant, a deep water platform fabrication yard, 2 trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

To read the news in Russian.