BAKU, Azerbaijan, June 6. Azerbaijan’s state oil company SOCAR has revealed decarbonization targets by 2050.
Trend learned from SOCAR that it eyes zero routine flaring in all operational assets by 2030.
The company is aimed at reducing 30 percent of emission intensity in the upstream on equity basis by 2030 compared to 2022 (on SOCAR’s direct assets).
Moreover, it plans to reduce 30 percent of corporate emission intensity and 20 percent of absolute emissions on equity basis by 2035 compared to the 2022 baseline (on SOCAR’s direct assets).
SOCAR is aiming for near zero methane target on equity basis by 2035 in upstream (on SOCAR’s direct assets) and achieving net-zero emissions by 2050.
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.
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