SOCAR Trading to enter Latin American market
Azerbaijan’s state-owned oil company SOCAR expands its presence overseas, as SOCAR Trading SA - the marketing arm of the company plans to enter Latin American market.
CEO of the trading house, Arzu Azimov announced about this while talking to Swiss L'AGEFI newspaper on June 17.
Azimov noted that SOCAR opened two branches in Canada (Calgary) and the USA (Houston) for pure trading activities of oil and oil products, and will further enter the Latin American market.
In the meantime, SOCAR Trading is strengthening the independence of its subsidiary in Singapore with the recruitment of a CEO specialist sector, according to Azimov.
“As energy suppliers, we are also expanding our customer network in Europe,” said Azimov. “In general, our trade relations with third parties account for 85 percent of the total amount of SOCAR Trading’s revenues.”
Headquartered in Geneva, SOCAR Trading was incorporated in December 2007 as the trading house of SOCAR with a mandate to market Azerbaijani barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan.
While the company continues to market the bulk of SOCAR crude oil export volumes from Ceyhan port in Turkey, it has also been able to develop significant third party volumes through both leveraging its system barrels, as well as its experienced traders developing new business.
SOCAR Trading's activities cover countries of Europe, Asia and America.
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, as well as, supplying natural gas to industry and the public in Azerbaijan.
Three production divisions, one oil refinery 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.
In December 2015, the company made a decision to suspend activities of all foreign offices which functions passed to the Baku office which are fully owned by SOCAR.