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Profit of Azerbaijan’s SOCAR Trading exceeds $90M

Oil&Gas Materials 19 July 2016 13:43 (UTC +04:00)

Baku, Azerbaijan, July 19

By Maksim Tsurkov – Trend:

Net profit of SOCAR Trading SA, the marketing arm of the State Oil Company of Azerbaijan (SOCAR), totaled $91.4 million in 2015 as compared to $27.1 million in 2014, SOCAR Trading said in a report.

This is a record high figure for SOCAR Trading against the backdrop of increased profitability of business with third parties, a gradual increase in the volume of storage operations at Russian oil terminal in Ust-Luga, and optimization of human resources policy.

Meanwhile, the company’s expenditures decreased and totaled $22.65 billion in 2015 versus $39.02 billion in 2014.

Total volume of sold products dropped from 48.6 million tons in 2014 to 47.7 million tons in 2015. Meanwhile, 23.4 million tons accounted for Azerbaijani oil, 10.2 million tons – for oil of third parties, and 15 million tons – for oil products.

Headquartered in Geneva, SOCAR Trading was incorporated in December 2007 as the marketing arm of SOCAR with a mandate to market Azerbaijani barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan.

While the company continues to market the bulk of SOCAR crude oil export volumes from Ceyhan port in Turkey, it has also been able to develop significant third party volumes through both leveraging its system barrels, as well as its experienced traders developing new business.

SOCAR Trading’s activities cover the US, and countries in Europe and Asia.

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Follow the author on Twitter: @MaksimTsurkov

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