SOCAR Trading doubled its transactions in 2017

Baku. 6 April. REPORT.AZ/ “Last year, SOCAR Trading increased the number of transactions more than 2-fold by selling 108 mln tons of oil and oil products”.

Report informs, Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR), said in an interview with the New Azerbaijan Party (YAP) website.

"Proper branding of Azerbaijani oil is necessary in order to keep its place in the world market. For this reason, President Ilham Aliyev has instructed us to provide the putting of Azerbaijani oil to the world market as a special brand. SOCAR Trading company, which we established in Switzerland in 2007 to provide oil and gas products to consumers directly and on favorable terms, to optimize revenue from this area and to centralize sales activities, has recently introduced itself to the world markets in Geneva, Singapore, Turkey, UAE, Nigeria, China, Canada, Vietnam, and has been strengthened in new markets. At first stage, SOCAR Trading has introduced high quality AZERI LT CIF as a light oil brand in world markets, earning extra $ 1.8 billion to Azerbaijan only in 2008-2013", R. Abdullayev stated.

He recalled that today SOCAR Trading is realizing trade of not only Azerbaijani oil, but also oil and oil products of third parties: "Our subsidiary has increased the volume of oil and petroleum products purchased and sold from third parties over the past three years by more than 4 times, from 21 mln tons to 86 mln tons.Last year, SOCAR Trading increased the number transactions more than 2-fold by selling 108 mln tons of oil and oil products.”