Baku. 30 May. REPORT.AZ/ On May, 27th ONGC Videsh Limited (Oil and Natural Gas Corporation Videsh Limited) and SOCAR Trading SA (international trading house of State Oil Company of Azerbaijan) signed a Memorandum of Understanding where two parties agreed to collaborate in the oil and gas sector by mutually sharing their experience in optimizing sales revenues and their portfolios, Report informs citing SOCAR Trading SA.
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, 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. As of January 2016, SOCAR Trading has more than 200 employees worldwide, concentrated in its fivemain trading offices in Geneva, London, Singapore, Dubai and Calgary as well as several other representative offices.