US expert: SOCAR has a foundational role in strengthening the international oil market

Baku. 27 December. REPORT.AZ/ SOCAR has a foundational role in strengthening the international oil market and above all strengthens European development and Azerbaijani economy, US political expert and professor at the Marquette University (Wisconsin) Peter Tase has said.

As to Tase, SOCAR is Azerbaijan's biggest supplier of liquid petroleum in the world. It continues to expand its global reach and provides a valuable contribution to the national economy of Azerbaijan.

"In 2014 SOCAR hired Phibro traders in London and immediately increased its leverage in the London Oil Market; last year the company traded 1.54 million barrels per day of crude oil, from this amount over 1.06 million bpd was delivered to third party. In total SOCAR traded 110 millon tonnes of crude oil and petroleum," the expert said.

Tase noted that SOCAR Trading SA is supplying liquified natural gas for a gas power plant in Malta. "Azerbaijan State Oil Company SOCAR is participating in other LNG plants' projects in Pakistan, Benin, Tunisia. Furthermore SOCAR is working on building a terminal for re-gasification of Liquified Natural Gas in Cote D'Ivoire," Tase said.