Azerbaijan’s state oil company SOCAR plans to enter Uzbekistan’s retail fuel market and invest in the development of a network of filling stations, according to Mikayil Jabbarov, Azerbaijan’s Minister of Economy and chairman of SOCAR’s Supervisory Board.
Jabbarov announced the plans during the fourth Interregional Forum of Azerbaijan and Uzbekistan in Tashkent, Report news agency informed. The planned retail expansion would add to SOCAR’s existing involvement in Uzbekistan’s energy sector.
According to Jabbarov, SOCAR is already participating as an investor in the development of the Ustyurt field in Uzbekistan together with state energy company Uzbekneftegaz and British energy company BP. Details regarding the size of SOCAR’s investment in the project, its ownership share or the development schedule were not provided in the information available.
The Azerbaijani company now plans to expand its activities into Uzbekistan’s downstream retail segment through the construction of filling stations.
“SOCAR will contribute to strengthening the energy security of fraternal Uzbekistan. Also today, we will officially announce our entry into the Uzbek retail market, followed by investments in the construction of a network of gas stations,” Jabbarov said.
Full story SOCAR to enter Uzbekistan’s retail fuel market with filling station network
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