Azerbaijan Establishes SOCAR Green LLC

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 28. SOCAR Green LLC has been established in line with the directives outlined in the order of Azerbaijan's President Ilham Aliyev dated December 25, 2023, designating 2024 as the Green World Solidarity Year, Trend reports via the state oil company SOCAR.

The company aims to propel the development of renewable energy sources within the country and align with the decarbonization objectives set by SOCAR.

This decision was announced during a meeting of the SOCAR Supervisory Board, presided over by Mikail Jabbarov, the Minister of Economy and Chairman of the SOCAR Supervisory Board.

The meeting focused on a comprehensive discussion of SOCAR's activities during the first nine months of 2023. Topics covered included progress in the development of oil and gas fields, production metrics, advancements in renewable energy initiatives, and measures taken toward decarbonization. The participants also discussed the achievements in meeting corporate key performance indicators (KPIs) for the first nine months of the current year, and deliberated on the draft budget for 2024.

Additionally, the Supervisory Board meeting featured a presentation on the strides made in implementing the new operating model. Acknowledging the significant contribution of the operational model to achieving strategic goals, the presentation highlighted its role in enhancing SOCAR's corporate governance processes, ensuring business sustainability, and propelling corporate culture into a new stage of development within a short period of time.

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