The State Oil Company of Azerbaijan (SOCAR) plans to diversify its project portfolio by 2035 through low-carbon initiatives, SOCAR deputy vice president for energy transition, environment, and decarbonization, Hikmet Abdullayev, said at a panel discussion on the third day of Baku Climate Action Week, Report informs.

“SOCAR has a clear vision of how our company will transform from an oil and gas company into a national energy company. We believe that by 2035, we will have a diversified portfolio through low-carbon projects and hydrocarbon production assets,” he said.

He noted that the company also plans to reduce its own greenhouse gas emissions to a level comparable with industry peers and international standards.