Baku, Azerbaijan, Dec.28
By Emil Ismayilov - Trend:
In January 2014, SOCAR, the State Oil Company of Azerbaijan plans to sign an agreement on the joint operation of the gas stations with Migros Company in Switzerland under the SOCAR brand, the head of the State Oil Company, Rovnag Abdullayev told the journalists on Dec.28.
Currently the stores of Migros Company operate in SOCAR gas stations in Switzerland. As Abdullayev said, the revenues from the stores and gas stations will be distributed between the companies.
The conclusion of the agreement will expand the SOCAR brand in Switzerland, have a positive impact on the company's earnings and make it the leader in retail sales of petroleum products in the market.
In late June, 2012 the U.S.-based Exxon Mobil transferred the assets of the Esso Switzerland to the SOCAR's control. The total value of assets acquired by SOCAR in Switzerland is $330 million.
The number of gas stations operating under SOCAR (State Oil Company of Azerbaijan Republic) brand in Switzerland is about 150.
With the acquisition of Esso Switzerland, SOCAR obtained a retail network, the company's division, engaged in fuel marketing for industrial and wholesale customers (the division sells household fuel and gas in cylinders to independent distributors throughout Switzerland).SOCAR also obtained the Wangen Olten gas filling plant, gas stations and joint enterprises engaged in refuelling of aircraft at Geneva and Zurich airports as well as the Swiss company for promotion and distribution, which controls joint ventures engaged in operation of terminals and pipelines.
Translated by M.L.
Edited by C.N.