SOCAR buys out Exxon Mobil's Swiss division (version 2)
Azerbaijan, Baku, November 16 / Trend /
Transaction details added (first version was posted at 18.50)
The State Oil Company of Azerbaijan (SOCAR) on Wednesday signed agreement with Exxon Mobil over acquisition of its Swiss division, Esso Schweiz GmbH, the SOCAR reported at its Website.
The agreement was signed between SOCAR and Exxon Mobil Central Europe Holding GmbH in Zurich, Switzerland today.
As reported, SOCAR Energy Switzerland, a recently founded company, intends to continue commercial activity on the provision of high-quality services at the expense of acquisition of Esso.
The company will work under the Esso brand within 12 months after change of the owner. De-branding of business related to aviation, trucks, and oil storage tanks will be carried out 30 days after the completion of the transaction.
All existing contract commitments and production process will remain unchanged during the transitional period.
Following the completion of the transitional process in the third quarter of 2012, the company will start providing services under the new brand-SOCAR.
As the report reads, the SOCAR brand will be distinguished for its high quality, services and environmental protection standards.
SOCAR President Rovnag Abdullayev told the signing ceremony that the company plans to provide high-quality retail sale services to Swiss consumers due to high-quality kinds of fuel and other services at filling stations. Besides, the company will become a reliable partner for household fuel and balloon gas suppliers, and for industrial clients in the field of aviation.
Following the acquisition of Esso Switzerland, the SOCAR has taken over a retail network consisting of 170 filling stations, a division specialized in fuel marketing for industry and wholesale clients (this division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland), gas filling station Wangen-Olten, filling stations, joint ventures specialized in aircraft fuelling at the Airports of Geneva and Zurich, and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.