AZERI STATE’S SOCAR TO QUIT CALGARY FOR HOUSTON
Azeri state oil company Socar’s North American trading division will close its Calgary office and move all commercial and support functions to Houston in the next three to four months, according to a letter on Thursday reviewed by Reuters. The company, which entered the Canadian market in 2015 and opened a Houston office in late 2016, said Houston had continued to grow and had increasingly become a hub for its activities in North America, according to the letter. It was not clear if any staff would relocate to Houston. The company had about 15 people in Calgary when it opened and traded local Canadian crude, natural gas and financial derivatives, its chief executive told Reuters last year. The firm also held some space at the storage hub of Cushing, Okla.