The SOCAR has approved its Corporate Governance Plan. Azerbaijani leader Ilham Aliyev signed the Order on Measures for Improvement of the State Oil Company's Governance on 23 January.
According to the Order, the board has seven members appointed and dismissed by the country's president. Azerbaijani Minister of Economy Mikayil Jabbarov serves as the chairman of the board.
The decision was made to enhance the effectiveness of the company's activities and improve its corporate governance standards.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.