Supervisory Board of State Oil Company SOCAR holds meeting

At the meeting chaired by Azerbaijani Economy Minister and Chairman of the Supervisory Board of SOCAR Mikail Jabbarov, the results of SOCAR's activities for the first 9 months of 2023 were discussed in detail, Azernews reports.

Information was presented on the work done on the development of oil and gas fields, production indicators, development of renewable energy sources, as well as steps taken towards decarbonization.

At the same time, based on the results of the first 9 months of the current year, the Company reviewed the implementation of corporate key performance indicators (KPIs) and discussed the draft budget for 2024.

SOCAR Green LLC within the framework of the tasks arising from the Decree of the President of the Republic of Azerbaijan dated 25 December 2023 on declaring 2024 the "Green World Solidarity Year" in the Republic of Azerbaijan, to develop renewable energy sources in the country, as well as to achieve SOCAR's decarbonisation goals, the establishment of the company was approved.

At the Supervisory Board meeting, a presentation was also made on the implementation of the "New Operating Model". It was noted that the operating model applied to achieve the set strategic goals has made an important contribution to improving SOCAR's corporate governance processes, and business sustainability and bringing the corporate culture to a new stage of development in a short period.

Other issues on the agenda were exchanged at the meeting and relevant tasks were given.