SOCAR Marketing Management Increases Non-Oil Export Revenues by 14%

Continued Growth in Non-Oil Exports

SOCAR Marketing Management (SMM), a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), has announced a 14% increase in non-oil export revenues for the first half of 2023 compared to the same period last year.

This growth is attributed to increased sales of petrochemicals, plastics, and other non-oil products to international markets. SMM has been actively expanding its non-oil export portfolio to reduce its reliance on oil and gas revenues.

Strategic Investments and Partnerships

SMM has invested heavily in upgrading its production facilities and forming strategic partnerships with international companies to enhance its non-oil export capabilities.

The company has established joint ventures with leading petrochemical producers in the region and signed long-term supply contracts with major global customers.

Diversification and Economic Growth

The increase in non-oil exports is a significant step towards diversifying Azerbaijan's economy and reducing its dependence on oil and gas revenues.

Non-oil exports play a vital role in promoting economic growth, creating jobs, and fostering sustainable development in the country.

Outlook for Future Growth

SMM plans to continue investing in its non-oil export business and expanding its product portfolio.

The company aims to increase its non-oil export revenues by 20% in the next five years, further contributing to Azerbaijan's economic diversification and growth.