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Azerbaijan’s oil production exceeds 1.23 billion dollars in 2019

19 September 2019 17:59 (UTC+04:00)
Azerbaijan’s oil production exceeds 1.23 billion dollars in 2019

By Rasana Gasimova

Azerbaijan’s oil production reached 2 billion 139.9 million manats ($1.23 billion) between January-August 2019 with an increase of 1.6 percent compared to the same period in 2018, the State Statistical Committee told local media.

According to the reported statistics, the production of gasoline was 818,200 tons (a 1.4 percent increase), production of diesel fuel - 1 million 450.2 thousand tons (a 6.5 percent increase), straight-run gasoline –184,600 tons (a 21.9 percent increase), heating oil – 76,800 tons (a 50.9 percent increase) in January-August 2019.

In the reporting period, the decline was recorded in the production of kerosene by 2.8 percent (406,200 tons), in lubricants by 84.5 percent (13,400 tons), in oil bitumen by 15.3 percent (163,100 tons), in petroleum coke by 2.9 percent (168,500 tons).

Currently, only one oil refinery - the Baku Heydar Aliyev Oil Refinery (part of the SOCAR company) operates in Azerbaijan.

SOCAR (The State Oil Company of the Azerbaijan Republic) is the sole producer of petroleum products in Azerbaijan, owning over 370 filling stations in Georgia, Ukraine, Romania and Switzerland.

Three production divisions, one oil refinery 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. The company has a significant position in a number of regional and international energy projects.

Generally, SOCAR is one of the world's 50 largest oil companies. Its mission is to ensure the energy security of Azerbaijan. Established in 1992, SOCAR aimed at managing Azerbaijan's oil resources on the basis of a single state policy, to improve the management structure of the oil industry and to ensure the development of fuel and energy complex.

Last year, SOCAR’s total revenue amounted to 111.2 billion manats ($65.4 billion) with an increase of 20.1 percent compared to 2017. The total assets of SOCAR amounted to 62.1 billion manats ($36.5 billion) last year, and the total debt obligations - to 13.7 billion manats ($8 billion).


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