SOCAR aims to become an energy company by 2035, Afghan Isayev, Vice President of SOCAR, said during the session titled “From Green Energy to Regional Integration: Energy Bridges” at the Baku Energy Forum, APA-Economics reports.
According to him, the Azerbaijani government is implementing significant incentive mechanisms for the development of renewable energy projects. Within this framework, the duration of tax incentives under investment promotion certificates has been extended from 7 years to 30 years, strengthening the financial sustainability of projects.
Afghan Isayev stated that SOCAR revised its decarbonization and development strategy in 2023.
“We aim to become an energy company rather than an oil and gas company by 2035. To achieve this, we are building a balanced portfolio between hydrocarbons and low-carbon businesses,” he noted.
According to the SOCAR official, the company established SOCAR Green in 2024 to accelerate its activities in the renewable energy sector and is cooperating with international partners such as Masdar, Lightsource BP, China Energy and PowerChina in this field.
“These partnerships allow us to acquire knowledge and expertise in renewable energy and energy storage technologies more rapidly,” Afghan Isayev added.
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