Baku, Azerbaijan, April 6
By Ilkin Shafiyev – Trend:
SOCAR Trading, the trading house of Azerbaijan’s state oil company SOCAR, sold 108 million tons of oil and oil products on the international market in 2017, SOCAR President Rovnag Abdullayev said in an interview to the website of the ruling party of Azerbaijan.
He said that the volume of operations has more than doubled last year compared to 2016.
Abdullayev further noted that over the past three years the sales volume of oil and oil products of third parties increased fourfold up to 86 million tons.
"At the initial stage of activity, SOCAR Trading glorified the Azeri Light oil grade in the world market. Thanks to this, Azerbaijan received additional revenue worth $1.8 billion in 2008-2013. Today SOCAR Trading also sells oil and petroleum products purchased from third parties," Abdullayev said.
SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.
The company sells bulk of SOCAR crude oil exports from Ceyhan port (Mediterranean Sea, Turkey), trades oil and oil products of other countries, and also assists the parent company over international investments. The scope of SOCAR Trading covers the countries of Europe, Asia and America.