SOCAR Trad­ing to en­ter Latin Amer­i­can mar­ket

Azer News - - Business - By Fatma Babayeva

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.

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