The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR) at a meeting on Thursday approved the establishment of a new LLC, called SOCAR Green.

"As part of our tasks arising from the President of the Republic of Azerbaijan's order dated December 25, 2023 declaring 2024 the "Year of Solidarity for a Green World," in order to develop renewable energy sources in the country, as well as achieve SOCAR's decarbonization goals, the creation of the SOCAR Green company was approved," SOCAR said in a statement.

At the meeting, chaired by Minister of Economy and Head of SOCAR's supervisory board Mikayil Jabbarov, the results of the state-owned company's activities for 9M of 2023 were discussed, which included information on the development of oil and gas fields, production indicators, the development of renewable energy sources, and steps towards decarbonization. The draft budget for 2024 was also reviewed.

The Board discussed the progress of implementation of SOCAR's "new operating model," which is to be used to achieve the company's strategic goals, as well as improve corporate governance processes and business sustainability.