SOCAR to Enter Uzbekistan Retail Fuel Market With Station Network
Azerbaijan's SOCAR will enter Uzbekistan's retail fuel market and invest in a gas station network, Mikayil Jabbarov announced.
The State Oil Company of Azerbaijan Republic (SOCAR) is set to enter Uzbekistan's retail fuel market, with plans to invest in and establish a network of filling stations. This move was announced by Mikayil Jabbarov, Azerbaijan's Minister of Economy and Chairman of SOCAR's Supervisory Board, during the 4th Azerbaijan-Uzbekistan Interregional Forum in Tashkent, as reported by the Report news agency.
Jabbarov highlighted SOCAR's existing involvement as an investor in the Ustyurt field development in Uzbekistan, a joint venture with Uzbekneftegaz JSC and the British energy firm BP.
"SOCAR will contribute to strengthening the energy security of brotherly Uzbekistan. Also today, entry into the retail market of Uzbekistan with subsequent investments in the construction of a network of filling stations will be officially announced," Jabbarov stated.
This planned investment signifies SOCAR's intention to broaden its operational footprint in Uzbekistan, expanding from upstream field development into the retail fuel sector.
Furthermore, the forum also featured discussions on collaboration involving another Azerbaijani entity, Azergold. Azergold aims to partner with Uzbek companies on geological exploration and mineral extraction projects in various regions of Uzbekistan.