SOCAR proposes opening of its trading house in Turkmenistan

Oil&Gas Materials 23 October 2019 11:31 (UTC +04:00)

BAKU, Azerbaijan, Oct.23

By Leman Zeynalova – Trend:

President of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev has proposed opening of SOCAR Trading office in Turkmenistan, Trend reports citing the company.

He put forward the proposal during the 24th Oil and Gas of Turkmenistan 2019 Exhibition and Conference.

“SOCAR currently operates as a globally integrated energy company. SOCAR has modern industrial complexes in the Caspian Sea and beyond, as well as transnational infrastructure for transportation of oil and gas and a global trading network, which makes the prospects for cooperation with Turkmenistan’s oil and gas companies,” reads a message from SOCAR.

Headquartered in Geneva, SOCAR Trading was incorporated in December 2007 as the marketing arm of the State Oil Company of Azerbaijan Republic (SOCAR) with a mandate to market Azeri 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 has a number of offices that aid its global growth. The company relies on its 5 main trading offices strategically located in international trading hubs such as Geneva, London, Singapore, Dubai and Houston in addition to several representative offices.

As a global trading hub and a home to its head office, Geneva is the center of SOCAR Trading’s operations. As it allows the company to pick top talent from a large pool of professionals in all trading functions, in addition to being able to maintain strong relationships with financial institutions and other business partners.

SOCAR Trading’s second largest office is located in Singapore where the company markets Azeri crude in the East as well as trade different products and continue to develop business with its Asian partners.

From Dubai, SOCAR Trading develops business in several locations in the Arabian Gulf and East Africa regions.


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