SOCAR is no longer a company whose fortunes can be understood simply by looking at Azerbaijan’s domestic economy. Its 2025 financial results offer a much broader picture: Azerbaijan’s state oil company is increasingly becoming a global energy business, with a growing share of its commercial activity taking place beyond the country’s borders. That transformation is not only strengthening SOCAR itself; it could also make Azerbaijan’s economy more resilient.

The numbers are striking. SOCAR generated AZN 86.3 billion in sales revenue in 2025. Of this amount, AZN 50.6 billion, or 58.6%, was attributed to Switzerland. Türkiye accounted for another AZN 16.5 billion, while Azerbaijan generated AZN 13.7 billion. In other words, the Azerbaijani market accounted for less than one-sixth of SOCAR’s consolidated sales revenue.

These figures should not be interpreted simply as evidence that SOCAR is selling enormous quantities of oil and gas directly to Swiss consumers. Switzerland is a major international commodity-trading center, and SOCAR Trading, the company’s international marketing and development arm, is based in this global trading environment. The importance of Switzerland in SOCAR’s revenue structure therefore reflects the increasingly international nature of the........

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