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SOCAR drafts strategic development plan until 2036

11 March 2020 19:17 (UTC+04:00)
SOCAR drafts strategic development plan until 2036

By Ofeliya Afandiyeva

The State Oil Company of Azerbaijan (SOCAR) is drafting a Strategic Development Plan until 2036.

“Currently, the company is carrying out projects as part of the development strategy for 2015-2025. At the same time, SOCAR has hired McKinsey, a consulting company, to develop a next strategic development plan that will meet the challenges of the new period for 2025-2035,” SOCAR said in a statement published in the local media on March 11.

In the meantime, SOCAR’s president Rovnag Abdullayev received a delegation from Uzbekistan led by Chairman of the Board of Uzbekneftegaz OJSC Mehreddin Abdullayev on March 10.

During the meeting, the reforms conducted in various spheres of the Uzbek oil and gas industry were mentioned and the Uzbekneftegaz’s interest in learning from SOCAR’s experience was stressed.

In addition, the sides discussed the issues of exchanging experience between SOCAR and Uzbekneftegaz.

The detailed information on digital technologies which are used in SOCAR, various modules and artificial technologies of SAP company, which has become the global brand of Azerbaijan, was provided.

In addition, SOCAR will exchange experience on the construction of a modern petrochemical complex, as well as details of the project to modernize the Heydar Aliyev Baku Oil Refinery.

The sides underlined the importance of SOCAR’s strategic development plan for 10 years, adopted in 2005.

“Presently, SOCAR and McKinsey are working on a strategic development plan that meets the challenges of the new 2025-2035 period,” the statement said.

It was decided to hold a series of meetings on technical issues to share the achievements and experience gained.

As it was reported earlier, the foundation of cooperation between SOCAR and Uzbekneftegaz was laid in May 2016 by signing a Memorandum of Cooperation in the field of exploration and development of oil and gas fields and in other potential areas for the development of the energy sector.

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