SOCAR plans to expand in Bulgaria by developing gas distribution network

BAKU. May 8 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) plans to expand in Bulgaria, SOCAR Balkany chief Murad Heydarov said.

"SOCAR and Bulgaria's Asarel Investment signed a memorandum today. Thus, another step has been taken to development of our company's business in Bulgaria. We are now working to increase our presence in Bulgaria and create the opportunity to work with end consumers," Heydarov said at the Azerbaijani-Bulgarian business forum in Baku on Wednesday.

"To this end we plan to develop an internal gas distribution network in Bulgaria," he said.

He said energy was one of the most important aspects of bilateral cooperation between Azerbaijan and Bulgaria, and SOCAR intended to develop it further.

SOCAR received a 10-year license to trade natural gas in Bulgaria in the spring of 2023.

The Asarel Investment website says the company is part of the Asarel Medet group. Its strategic areas of activity include ecological energy projects, such as investing in mini-hydroelectric power plants, feasibility studies of wind turbines and regional gasification projects.