Azerbaijan's SOCAR posts strong 2024 results amid investments and cost optimization

Azernews.Az

8 July 2025 15:29 (UTC+04:00)

Akbar Novruz

Global oil and gas markets in 2024 witnessed sharp fluctuations due to geopolitical tensions, shifts in global demand, and major investments across both traditional and renewable energy sectors. Despite these challenges, the State Oil Company of the Republic of Azerbaijan (SOCAR) completed the year with strong financial results, thanks to continued structural reforms, strategic acquisitions, investment initiatives, and focused cost optimization efforts, Azernews reports. Despite a net reduction of $1.2 billion (2 billion manat) in credit liabilities compared to 2023, SOCAR’s balance sheet absorbed an additional ...

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