12:36 - 2.10.2024

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October 2, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) plans to diversify its project portfolio by 2035 through low-carbon initiatives.

ABC.AZ reports that SOCAR deputy vice president for energy transition, environment, and decarbonization, Hikmet Abdullayev, made this statmeenrt at a panel discussion on the third day of Baku Climate Action Week.

"SOCAR has a clear vision of how our company will transform from an oil and gas company into a national energy company. We believe that by 2035, we will have a diversified portfolio through low-carbon projects and hydrocarbon production assets," he said.

He noted that the company also plans to reduce its own greenhouse gas emissions to a level comparable with industry peers and international standards.

"We believe that by 2050, we will fully transform into a national energy company with a strong market position, contribute to ensuring energy security, and make sufficient efforts to reduce the impact of the oil and gas industry on the climate," he added.