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SOCAR mulls improving management model, developing new strategy

10 August 2020 17:35 (UTC+04:00)
SOCAR mulls improving management model, developing new strategy

By Ayya Lmahamad

Azerbaijan’s State Oil Company (SOCAR) has discussed the importance of improvement of the corporate management system within the company.

In the company’s board meeting held at SOCAR Tower building on August 7, the participants exchanged views on further accelerating of transformation into a modern digital company and ensuring profitability of operational and investment projects based on the effective market economy model.

It was stated during the meeting that over the past 15 years, the State Oil Company of Azerbaijan has turned from a local national company into an international one, and implemented a number of mega projects of global and regional significance.

Additionally, it was noted that earlier SOCAR worked with McKinsey & Company to develop a new strategy until 2035 and plans to present it to the government in the near future.

The main principles of the strategy are sustainable development of the company, application of an improved effective management system, ensuring social and environmental responsibility, assessment of fuel and energy needs of the country and debt management along with ensuring the profitability of the company. Thus, for this purpose, it is necessary to improve the management model as a whole, to centralize functional management, to achieve flexibility in our operations and, most importantly, to simplify bureaucratic processes.

The State Oil Company of the Azerbaijan Republic (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. Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

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