SOCAR Exceeds Business Goals in Romania with Expansion Plans and Increased Revenue

SOCAR Petroleum has surpassed its business goals for 2024, opening 14 new gas stations instead of the planned 9. The company aims to exceed 100 stations by 2026 and expand to over 200 in the coming years.

In 2024, SOCAR reported a revenue of 3.6 billion lei, a 33% increase from the previous year. The company has created over 900 jobs and invested more than 400 million lei in Romania since its establishment in 2011.

Currently, SOCAR operates a network of 88 fuel stations across 30 counties in Romania and is a significant player in the fuel distribution market. Additionally, SOCAR imports and distributes petrochemical products such as methanol, urea, polyethylene, and polypropylene.

The company operates three warehouses in Teiuș, Onești, and Constanța. Through its subsidiary SOCAR Trading, SOCAR has signed a contract with Romanian producer Romgaz for potential natural gas exports of up to 1 billion cubic meters per year by March 31, 2024. SOCAR and Romgaz also signed a memorandum for a joint investment in an LNG terminal in the Black Sea in fall 2022.