Socar head dismisses privatization rumors
The privatization of Azerbaijan’s state energy firm Socar is not on the agenda, its head, Rovnag Abdullayev, said Tuesday while commenting on circulating rumors.
"Socar's turning down its non-core assets has no bearing on privatization. It is part of the transformation of the state oil company and bringing its activities into line with international requirements," Abdullayev told reporters.
The company has already transferred its social and medical facilities, as well as those in the energy, communications and water supply sectors, to relevant government agencies.
Socar includes production association Azneft, which comprises oil and gas producing companies, chemicals producer Azerkimya and gas supplier Azerigas.
The company is also the only producer of oil products in the country, running two refineries, and also owns gas-filling stations in Azerbaijan, Georgia, Ukraine and Romania. It purchased a large network of filling stations in Switzerland last year.
Socar is also a co-owner of Petkim, Turkey’s largest petrochemicals complex. The company carries out oil trade in regions across the world through Socar Trading, its subsidiary.
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