Weekly economic review (July 20-24)

Analysis Materials 27 July 2015 17:16 (UTC +04:00)

SOCAR, Swiss-based Vitol Group mull prospects for investment co-op

The State Oil Company of Azerbaijan (SOCAR) and Swiss-based Vitol Group, one of the largest trading companies in the world discussed cooperation in trading and investment spheres, said the message from SOCAR.
This issue was discussed during the meeting of SOCAR President Rovnag Abdullayev with head of Vitol Group Ian Taylor, said the message.
During the talks, the sides touched upon the current state and prospects for cooperation in the international market of energy resources.
"They emphasized the likelihood of joint activities in the future and practicability of expanding the relations," said the message.
SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
It is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.
SOCAR includes production associations Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises) and Azerigaz.
The company also has a number of processing enterprises, service enterprises, and institutions involved in geophysical and drilling operations.
The Vitol Group is a Swiss-based, Dutch-owned multinational energy and commodity trading company. Founded in 1966, it is the second largest oil trader in the world after Glencore plc.