SOCAR acquires Swiss trader company's foreign office
Azerbaijan, Baku, September 9 / Trend /
State Oil Company of Azerbaijan has acquired Swiss trader Fair Energy SA's Vietnam office and two staff as part of plans to expand its coverage of oil products in Asia, Bloomberg reported with reference to SOCAR official.
SOCAR, as State Oil is known, also took on Fair Energy's three Singapore staff and Asian petroleum trading contracts under the deal, Farid Jafarov, the company's Singapore-based finance director, told Bloomberg by telephone.
Oil demand in Vietnam will be supported by "the growth of the population and associated demand" for motor vehicles, said Jafarov.
Dieu Ngoc Nguyen, Jean Rohr and Marcus Neo, traders formerly with Fair Energy, have joined SOCAR, Jafarov said.