SOCAR to Enter Uzbekistan Retail Fuel Market With Station Network

Tashkent, Uzbekistan (UzDaily.uz) — The State Oil Company of Azerbaijan Republic (SOCAR) plans to enter the retail fuel market in Uzbekistan and invest in establishing a network of filling stations. Mikayil Jabbarov, Azerbaijan's Minister of Economy and Chairman of SOCAR's Supervisory Board, announced the decision at the 4th Azerbaijan-Uzbekistan Interregional Forum held in Tashkent, Report news agency reported.

Jabbarov stated that SOCAR is already participating as an investor in the development of the Ustyurt field in Uzbekistan alongside Uzbekneftegaz JSC and British energy company 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 said.

Through the planned investment, the company intends to expand its operational presence in Uzbekistan by moving beyond upstream field development into the retail fuel segment.

Additionally, plans for cooperation involving another Azerbaijani company, Azergold, were presented during the forum. Azergold intends to collaborate with Uzbek partners in the fields of geological exploration and mineral extraction across regions of Uzbekistan.