SOCAR’s Supervisory Board adopts "Corporate Strategy Through 2035"

The State Oil Company (SOCAR)'s "Corporate Strategy Through 2035" was adopted at a Supervisory Board meeting held on October 12, 2021. 

The new strategic document, prepared in accordance with the requirements of the Fourth Industrial Revolution (Industry 4.0), reflects the development trends of the company's global, regional, and local projects as a whole, determines the coordination of future activities in the oil and gas industry and the main areas of value chain integration, and will focus on digitalization of the production cycle, support for innovation, and the sustainable development of areas such as human resource enrichment. "Corporate Strategy Through 2035" will enable SOCAR to develop a more diversified investment portfolio.

At the same meeting, participants decided to establish the Coordination Office of the SOCAR Supervisory Board and appointed Supervisory Board member Ruslan Alikhanov as its director to improve the Supervisory Board's work and ensure greater effectiveness of its activities.

The meeting also made relevant decisions regarding other current matters of the State Oil Company.

The Supervisory Board of the State Oil Company was established according to the decree of the President of the Republic of Azerbaijan “On Measures to Improve the Management of the State Oil Company of the Republic of Azerbaijan” dated January 23, 2021.