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SOCAR to expand its position in Romanian market

11 November 2016 12:30 (UTC+04:00)
SOCAR to expand its position in Romanian market

By Nigar Abbasova

Azerbaijan’s state oil company SOCAR intends to own some 10 percent of the Romanian energy market.

Director General at SOCAR Petroleum SA (Romanian subsidiary of SOCAR), Hamza Karimov said that the company has already implemented certain major projects in the region, including setting up of some 34 petrol stations under SOCAR brand operating in 17 regions, including Bucharest.

He made the remarks addressing the Oil & Gas Conference and Exhibition 2016, which was attended by Romanian state and government representatives, heads of leading foreign energy companies, businessmen, specialists and experts.

Karimov underlined that SOCAR plays a leading role in the international energy market as a brand known around the world.

Talking about rich oil history and oil strategy of Azerbaijan, Karimov stressed the role of the country in Europe’s energy security, noting that TANAP and TAP projects will change the energy map of Europe.

As of January 1, 2016 SOCAR invested some $71.3 million in Romania. Income of the company amounted to some $502,420 in 2015.

SOCAR Petroleum has been operation in Romania since 2001, by creating and strengthening a network of gas stations nationwide. The number of employees of SOCAR Petroleum exceeds 400 people.

Romania and Azerbaijan also cooperate in the implementation of AGRI energy project which is aimed at diversifying the energy supply sources of the European Union and involves the transport of Azerbaijani natural gas to Romania and into Central Europe

Romania recognized the independence of Azerbaijan on December 11, 1991. Diplomatic relations between Azerbaijan and Romania were established on June 19, 1992.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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SOCAR to expand its position in Romanian market - Gallery Image
SOCAR to expand its position in Romanian market - Gallery Image
SOCAR to expand its position in Romanian market - Gallery Image
SOCAR to expand its position in Romanian market - Gallery Image
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