SOCAR plans to enter Uzbekistan’s fuel retail market

The Azerbaijani energy company is preparing to enter Uzbekistan’s retail fuel sector and invest in a new service station network, expanding its presence beyond upstream energy projects in the country.

SOCAR is set to enter Uzbekistan’s retail fuel market, marking a new phase in the Azerbaijani state energy company’s expansion strategy in Central Asia.

The announcement was made by Azerbaijan’s Economy Minister and Chairman of SOCAR’s Supervisory Board, Mikayil Jabbarov, during the fourth Azerbaijan-Uzbekistan Interregional Forum held in Tashkent. According to Jabbarov, plans include the investment for the development of a network of service stations in Uzbekistan, adding a retail component to the company’s existing energy activities in the country.

The move builds on the company’s role as an investor in the development of the Ustyurt gas field in partnership with Uzbekistan’s state energy company Uzbekneftegaz and BP. Jabbarov said the company aims to contribute to strengthening Uzbekistan’s energy security through its growing involvement in the market.

The planned retail expansion represents a significant step for SOCAR, which already operates fuel retail networks in several international markets and continues to broaden its presence beyond oil and gas production activities.