11 Mar 2024 16:25

State Oil Company of Azerbaijan establishes subsidiary in field of renewable energy sources

BAKU. March 11 (Interfax) - The State Tax Service of Azerbaijan has registered SOCAR Green LLC, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), the service told Interfax.

The new company was registered on March 1, with charter capital of $16.5 million.

As previously reported, the Supervisory Board of SOCAR approved the establishment of SOCAR Green LLC in December 2023 in order to develop renewable energy projects, as well as achieve SOCAR's decarbonization goals in Azerbaijan.