SOCAR Intends to Create Own Trading Company in 2008

Oil&Gas Materials 20 September 2007 16:33 (UTC +04:00)

Azerbaijan, Baku / Trend corr.S.Aliyev, V.Shartifov / The State Oil Company of Azerbaijan (SOCAR) is to complete an agreement of juridical and commercial issues for the establishment of a trading company in Europe.

A high-ranking official of SOCAR reported that the company was studying the efficiency of geographic locations for an office for the trading company.

"We are making a final decision regarding which trade ways are better, from Geneva or London. Location of the trade centre will depend on the results of analysis and two representatives will be established in Geneva and London, the SOCAR representative stated.

SOCAR intends to ship oil and oil foods to Europe via its own trader. The opening ceremony of the trading company is scheduled for the beginning of 2008.