BAKU, Azerbaijan, January 23. During the World Economic Forum in Davos, the State Oil Company of Azerbaijan (SOCAR) unveiled an ambitious global expansion plan that combines investments in oil and gas fields, international retail expansion, and technological transformation. These initiatives reflect the country's long-term strategy to strengthen Azerbaijan's role as an energy bridge between East and West, as well as creating new opportunities for regional cooperation and diversification of energy supplies.
A key deal was the purchase of a 10% stake in the Baleine oil and gas field development project in Côte d'Ivoire, jointly with Italian company Eni S.p.A. The field, discovered in 2021 and already producing 62,000 barrels of oil and 75 million cubic feet of gas per day, will increase production to 150,000 barrels of oil and 200 million cubic feet of gas per day by the third phase. The project is positioned as the first zero-emission offshore oil and gas project in Africa, underscoring SOCAR's commitment to sustainability standards.
In terms of strategy, SOCAR's participation in African projects is not only about diversifying assets, but also about strengthening Azerbaijan's energy diplomacy. Continental expansion allows Azerbaijan to strengthen ties with key players in the region, integrate Africa into global oil and gas supply chains, and create potential for joint investments in clean energy. For Europe, this opens up an additional source of oil and gas supplies with a minimal carbon footprint, which increases the continent's energy security amid global market instability.
SOCAR's expansion into the European retail market is no less significant. Currently, SOCAR's network includes 564 stations in Austria, Switzerland, Ukraine, Georgia, Romania, and Türkiye. These steps strengthen the Azerbaijani company's influence in international markets, increase brand awareness, and create infrastructure bridges for energy integration between regions.
Technological innovation remains a key element of SOCAR's strategy. The SOCAR Carbamide plant has joined the prestigious Global Lighthouse Network and received the Digital Lighthouse Award for its implementation of Industry 4.0 technologies. The use of artificial intelligence, robotics, and digital tools has increased productivity by 21%, natural gas efficiency by 24%, and reduced carbon emissions by 19%. These achievements strengthen SOCAR's competitiveness, demonstrating that sustainable development and technological innovation can go hand in hand.
Simultaneously, the company is expanding its digital and environmental agenda through international cooperation: an agreement with Switzerland's SICPA SA on energy resource traceability, a partnership with Planet Labs PBC on satellite environmental monitoring, and joint initiatives with Honeywell and ADNOC Group on clean energy and sustainable infrastructure.
SOCAR's financial stability has been confirmed by leading international agencies. Moody's upgraded the company's rating to investment grade Baa3, while S&P Global Ratings improved its long-term credit rating to “BB” with a positive outlook. SOCAR's ESG rating according to Sustainable Fitch is “3”, reflecting reliable risk management, emission reduction targets, and ongoing challenges in corporate governance.
The regional and global impact of SOCAR's initiatives cannot be overstated. Its expansion in Africa is creating new supply points for the global energy sector, its European retail network is strengthening its presence in key markets, and its technological and ESG initiatives are increasing the company's investment attractiveness. For Azerbaijan, this represents not only growth in corporate capital but also a strengthening of the country's position as a reliable partner in energy security. For the region, it means the development of energy cooperation, the creation of integrated supply chains, and new opportunities for joint investment in green energy.
SOCAR demonstrates that a national oil and gas company can combine global ambitions, innovation, and sustainable development, shaping Azerbaijan's energy brand on the world stage and laying the foundation for a safer and more sustainable future in global energy.