The activity of the State Oil Company of the Republic of Azerbaijan (SOCAR) consists in ensuring the efficient operation and development of the oil, petrochemical, and gas industries as a unified complex, as well as the reliable fulfillment of consumer demand for energy resources.

The full official name of the Company is the State Oil Company of the Republic of Azerbaijan, and its abbreviated official name is SOCAR.

The main purpose of the Company is to conduct exploration, discovery, preparation, and development of oil and gas fields both within the territory of the Republic of Azerbaijan and abroad, onshore and offshore; to ensure the production, transportation, and processing of oil, gas, and condensate; to foster the development of the petrochemical industry; to organize the distribution and sale of oil, petrochemical, and gas products; and to guarantee the stable and sustainable supply of consumers with the corresponding energy resources (hereinafter referred to as the “sector”). In doing so, the Company seeks to provide competitive goods, works, and services in line with modern requirements, and to generate revenue.

The Company ensures the implementation of the following tasks:

• ●  maintaining and increasing the level of oil and gas production as one of the key directions of ensuring energy security in the sector, as well as strengthening the integration of the Republic of Azerbaijan into the global energy security system;
• ●  attracting modern technologies, equipment, and materials into the oil, gas, and petrochemical industries of the Republic of Azerbaijan, thereby strengthening local infrastructure and positioning the Company among the world’s leading enterprises by key industrial and economic indicators;
• ●  conducting effective investment activities abroad to ensure the integration of the Company into international oil, gas, and petrochemical projects;
• ●  establishing risk management systems within the sector and ensuring the study, application, and further development of advanced management systems;
• ●  ensuring the efficient utilization of the hydrocarbon reserves of the Republic of Azerbaijan, organizing reliable and effective production-technological and supply systems for the extraction, transportation, processing, distribution, and domestic and international sale of oil, gas, and condensate, as well as ensuring the efficient operation of the petrochemical industry, thereby better meeting consumer demand for goods, works, and services produced in the sector;
• ●  strengthening the material and technical base of the sector, ensuring the efficient use of existing production capacities, and minimizing environmental impacts through the application of the most advanced technologies and equipment;
• ●  enhancing scientific and technical potential and achieving the provision of competitive goods, works, and services in the sector through the wide application of innovative projects, as well as carrying out other tasks necessary for the development of the sector.

Through the entities included in its organizational structure, the Company ensures exploration, construction, and development of oil and gas fields; the transportation, processing, distribution, and sale of oil, gas, condensate, as well as oil, petrochemical, and gas products; the provision of service operations; and the implementation of other functions and activities of the Company.