BAKU, Azerbaijan, June 5. The State Oil Company of Azerbaijan Republic (SOCAR) plays an important role in supporting the country on its path to decarbonization, SOCAR Vice President Afgan Isayev said during the "Unlocking Sustainable Energy: Green Energy Potential in the Caspian Region" panel at the 29th Baku Energy Forum, TurkicWorld reports.
"SOCAR plays a vital role in aiding the country's journey towards decarbonization. Azerbaijan has set an ambitious target: to incorporate 30 percent renewable energy into the overall energy mix by 2030. We are optimistic that, in collaboration with our partners, we can attain this objective, having already executed several shareholder agreements. Recent events underscored the significance of this trajectory. Presently, renewable energy sources assume a pivotal role," he stated.
SOCAR is involved in the exploration, production, processing, and transportation of oil, gas, and gas condensate. It also markets oil and petrochemical products domestically and internationally and supplies natural gas to industrial enterprises and the population of Azerbaijan and Europe.
The company operates in Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine and conducts trading activities primarily in Switzerland, Singapore, and Nigeria.
To note, over 600 delegates are participating in the forum, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
