State Oil Company: There are no physical entities among founders of SOCAR trading unit

State Oil Company: There are no physical entities among founders of SOCAR trading unit

Azerbaijan, Baku, July 19 /Trend/

Systematically conducted "black" PR campaign of detractors who do not like the growing prestige of State Oil Company of Azerbaijan (SOCAR), the success achieved by it in the strategic projects being implemented both within and outside the country unfolds again in order to harm the business image of the company, a statement issued on Thursday said.

As part of this campaign unprofessional, unwarranted and fictitious "investigations" and their fake "results", which don't hold water, are published in the media, serving the interests of the community, which political interests do not coincide with the line of the overall development of Azerbaijan. These facts are intended to harm the ever-growing international reputation of SOCAR, misleading public opinion.

SOCAR declared that the dirty thoughts of forces, which are both in Azerbaijan and abroad, will be exposed and appropriate measures under international law, will be taken.

To prevent another deception of the public, the company reports that SOCAR, which has reached great success in the oil and gas projects of regional and global importance, has demonstrated itself as a powerful, modern and competitive structure of the international level in recent years, continues steadily entering the world market.

A subsidiary trading company of SOCAR- the company SOCAR Trading SA was established in Geneva (Switzerland) in December 2007 for an independent delivery of large volumes of oil produced in Azerbaijan to the world market and provision of flexibility of export.

Creation of the company, serving the interests of the Azerbaijani state and setting such important objectives as trade of Azeri Light oil, increase competitiveness in the global market, delivery to the ultimate consumer, purchase and sale of non-Azerbaijani oil and oil products, was no accident.

Geneva is one of the major business centers in Europe, and the head offices of most of the leading players in the oil industry, financial and banking sector are concentrated here.

The subsequent success of SOCAR Trading SA has proven that the choice was correct. The company has successfully coped with all the challenges it faces in a short period, for only four years, has won a great international reputation and expanded.

A company Supra Holding Limited, in which SOCAR previously had 50 percent stake and later increased this figure to 80 percent, is founder of SOCAR Trading SA. There are no physical entities among founders of both SOCAR Trading SA and Supra Holding Limited.

SOCAR noted that individuals, who have indicated in some sources as the founders of the company SOCAR Trading SA, are actually members of the board of this company. Some of these individuals hold high post in the company and some in SOCAR, and they are represented in the Council Board of SOCAR Trading SA in accordance with their positions. As of vice president of the company SOCAR Trading SA Zaur Gahramanov, he is neither founder of the company, nor a member of the board.

Purposeful representation of those persons involved in the management of the company as "representatives" by "researchers" is an indicator of their incompetence and preconceived opinion.

SOCAR Trading SA has also established subsidiaries in various countries around the world in order to expand range of activities. Information about these institutions is readily available on the website. Implementation of the trading transactions using this type of subsidiary companies is the practice adopted at the international level.

The company SOCAR Black Sea was established by SOCAR Trading SA and the Ukrainian company ROSSİM to expand export activities of SOCAR and delivery of petroleum products into the territory of Ukraine. As can be seen, there are no physical entities among founders of the company.

Finally, as known to the general public, SOCAR, having carried out a successful deal, became the owner of Esso Schweiz GmbH - Swiss division of the American ExxonMobile last year. Energi Switzerland Holding SA, which is 100 percent owned by SOCAR has been established to carry out this operation. In other words, SOCAR played the role of the founder. Payments for purchase of Esso Schweiz GmbH shares were implemented from the bank account of SOCAR, which is reflected in the financial statements of the company.

The company also notes that an agreement on the establishment of alliance with Migros - a world famous retailer of food products was reached under this contract for the management of stores located at petrol stations, referred to the balance of SOCAR Energi Switzerland Holding SA. The appearance of this company in this area was the reason why this innovation of SOCAR Energi Switzerland Holding SA was accepted with great sympathy by Swiss public.

In the conclusion it should be noted that the information on this and other investment projects carried out by SOCAR in Switzerland, is available on the website of SOCAR Trading SA, and is completely open to the public.

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