AZ­ERI STATE’S SO­CAR TO QUIT CAL­GARY FOR HOUS­TON

National Post (Latest Edition) - - FINANCIAL POST -

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.

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