SOCAR Trading – the Geneva-based global energy trader – is announced as the Premier Partner of the 26th “Oil and Gas of Turkmenistan” International Conference (OGT 2021).
Headquartered in Switzerland, SOCAR Trading SA was incorporated in December 2007 as the marketing branch of the State Oil Company of Azerbaijan Republic (SOCAR). It was established with the mandate to market Azeri barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan. Since then SOCAR Trading has expanded into other markets and now boasts a long-lasting partnership with Turkmenistan in crude and products.
SOCAR Trading achieved successes in investments in logistics operations, trading in third parties’ crude oil and oil products, and participation in refining operations. It delivers Azeri barrels via the Western Route Export Pipeline (WREP) in Georgia, the Baku-Tbilisi-Ceyhan pipeline (BTC) in Turkey and Baku-Novorossiysk in Russia.
SOCAR Trading is unique: it enjoys the advantages of being a state-owned entity combined with the independence and global presence of a major commodities trading company. Together with a streamlined staff and administration, supported by sophisticated IT systems and an internal control framework, the Company has the agility and the confidence to merit its status as one of the most successful global energy trading companies. SOCAR Trading is a company that is very conscious of how it does business. In recent times, the Company has invested significant time and resources in risk management, control and compliance. This has been achieved by hiring key industry professionals and implementing sophisticated IT support systems.
SOCAR Trading has established partnerships and business relationships worldwide, working with a vast diversity of first-class European and global banks and with other state-owned entities, such as those in Turkmenistan. The Company has invested in several physical infrastructure projects to enable it to generate trading flows, and is a logistics hub for Caspian barrels. With a presence across the value chain, SOCAR Trading is focused on expansion by growing its light ends and LNG divisions in 2021, developing oil products trading, and further enlarging its positions in Southern and Eastern European gas trading.
SOCAR Trading is confident of playing an even more important role in the increasing trade between Azerbaijan and Turkmenistan following the recent signing of a Memorandum of Understanding between the Governments of the two states on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea.
At the International Forum on Attracting Investments in the Oil and Gas Sector of Turkmenistan, held in Ashgabat in May, it was noted that the development of the Dostluk field will open up new opportunities for the country to export natural gas to the west.