SOCAR improves mechanism for asset management in Switzerland
Azerbaijan, Baku, April 4 / Trend E.Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) intends to get more revenue from assets such as Esso Schweiz GmbH acquired from the Exxon Mobil Central Europe Holding GmbH in Switzerland than the previous owner, SOCAR head Rovnag Abdullayev told reporters on Wednesday.
In order to get a higher income, SOCAR has worked to improve its operations in the acquired network and made a number of other innovations, not revealed by Abdullayev. "Assets in Switzerland have a good earning power," he said.
SOCAR signed an agreement with Exxon Mobil to acquire its Swiss branch, Esso Schweiz GmbH in November 2011. The company will operate under the brand name Esso within 12 months after the change of ownership.
Following the acquisition of Esso Switzerland, SOCAR has taken over a retail network consisting of 170 filling stations, a division specialised in fuel marketing for industry and wholesale clients. This division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland.
Also under its banner SOCAR has also taken over the Wangen-Olten gas filling station, a number of filling stations and joint ventures specialised in aircraft fuelling at Geneva and Zurich airports and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.