SOCAR can become leading integrated energy company in Europe
Azerbaijan, Baku, Sept.26/ Trend, E.Ismayilov /
Work experience of the State Oil Company of Azerbaijan (SOCAR) in Switzerland will create an opportunity for it to become a leading energy company in Europe, CEO of SOCAR Energy Switzerland, Edgar Bachmann said in an interview posted on the company's official website on Wednesday.
"Of course, the experience of SOCAR in Switzerland will help it to become a leading integrated energy company in Europe," he said.
Bachmann said that the next steps within the expansion strategy have not been yet defined.
On June 29, the signing ceremony for the Change in Control procedure for purchase of American ExxonMobil's Esso Switzerland assets by SOCAR took place in Zurich, Switzerland. The total COST of the assets acquired by SOCAR in Switzerland is $330 million.
SOCAR signed an agreement with Exxon Mobil in November last year to acquire its Swiss branch called Esso Schweiz GmbH. The company will operate under Esso brand within 12 months after the owner is changed. SOCAR has also taken over the Wangen-Olten gas station, and a number of gas stations and joint ventures specialised in aircraft fuelling at the Geneva and Zurich airports and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.