SOCAR meaning in Business ?

The State Oil Company of Azerbaijan Republic (Azerbaijani: Azərbaycan Respublikası Dövlət Neft Şirkəti), largely known as SOCAR is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under the SOCAR brand in Azerbaijan, Turkey, Georgia, Ukraine, Romania and Switzerland.

SOCAR is a major source of income for the authoritarian regime in Azerbaijan. The company is run in an opaque manner, as it has complex webs of contracts and middlemen that non-government watchdog organizations say have led to the enrichment of the country's ruling elites.