Liquefied natural gas (LNG) has played an important role in the global energy system during the last decades as many countries began using this type of gas.

Azerbaijan’s state oil company SOCAR in 2018 reduced the amount of money placed in the International Bank of Azerbaijan (IBA) by 17.4 percent, Trend reports with reference to the consolidated financial report of the company for 2018.

SOCAR's Star oil refinery, which is Turkey's first special industrial zone having a potential to make a noticeable contribution to the diversification of SOCAR's assets, is an important component in the strategic development course of SOCAR.

Azerbaijan’s state oil company SOCAR is due to purchase crude oil from Iraq next month to process at its Star Refinery in Turkey, SOCAR Turkey CEO Zaur Gahramanov said, Trend reports citing London-based SHARQ AL-AWSAT newspaper.

The revenues of the Azerbaijani state oil company SOCAR reached 111.198 billion manats in 2018, which is 16.7 percent more than in the preceding year (92.6 billion manats), Trend reports referring to the company's consolidated financial report for 2018.

The net profit of the state oil company SOCAR amounted to 1.22 billion manats ($0.7 billion) in 2018.

The Azerbaijani state oil company SOCAR’s expansion strategy, which is main course of strategic development of the company, is aimed at the diversification of SOCAR's assets in foreign markets.

The state oil company SOCAR made decisive steps by establishment of new plants for the production of polymer products and carbamide fertilizers in Azerbaijan, thus opening up a very good prospect for Azerbaijan to increase the inflow of foreign currency into the country.

The Azerbaijani state-owned company SOCAR and Russia’s Sberbank have created a joint venture for oil refining at the Antipinsky Oil Refinery, Trend reports referring to Kommersant.

Azerbaijan’s state oil company SOCAR expects to be distributing 4 billion cubic metres of gas to consumers in Turkey from 2020, Zaur Gahramanov, head of SOCAR Turkey Energy, told Reuters, Trend reports.