SOCAR AQS, which is involved in drilling and well services management in Azerbaijan, has become the country’s first company to join the Global Reporting Initiative (GRI) Community, SOCAR AQS' official website reported on November 8.
Global Reporting Initiative (GRI) develops international standards for sustainability reporting and transparency.
CEO of SOCAR AQS Ramin Isayev has said that the company “consistently applies the highest world-class standards in its reporting processes."
“The reports we produce in line with the GRI standards gurrantee the trust of all its stakeholders, including customers, investors, suppliers and community in fully established transparent environment of the company. The GRI membership of the company will significantly contribute to the strengthening of the company's corporate image globally,” Isayev added.
Isayev stressed that current global economic processes, globalization and other global factors require a number of important steps to be taken to improve reporting and transparency.
Through GRI, the company applies cutting-edge standards for enhancing transparency and reporting, which are regarded as important factors in economic development, advanced management, establishing forms and methods, improving monitoring systems and data infrastructure.
SOCAR AQS LLC was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic (SOCAR) and Absheron Drilling Company (AQS).
In 2017, SOCAR AQS have been certified as meeting the requirements of the API Spec Q2 Quality Management System Standard for the Provision of Integrated Offshore Oil & Gas Drilling & Well Services.
Currently, SOCAR AQS implements works on drilling the wells from fixed platforms 7 and 11 located on Shallow Water Gunashli Field, fixed platform 20 on the West Absheron fixed platform 1 located on Umid Field and from fixed platform 6 located on the Bulla Field.
Established in 1997 and headquartered in Amsterdam, the GRI is the world's leading international organization for reporting standards. The GRI encourages public institutions, private sector and civil society to adopt criteria for transparency and reporting in their activities as requested by international standards.
The application of GRI standards in any institution has a significant impact to identify risks and management, enhancing constructive relationships with stakeholders, increasing competitiveness, reputation and confidence.