February 28, 2011 [abc.az] - Geneva-based Socar Trading S.A., a trade house established by the State Oil Company of Azerbaijan, has announced plans to triple operations for the next 5 years.
Company’s president and chief executive Valery Golovushkin has claimed that Socar Trading, whose turnover in 2010 reached $19 billion, intends to triple it for the next 5 years to become as Gunvor or Trafigura.
“Socar Trading is marketing about 80 percent of Azeri Light crude from the BP-operated giant Azeri–Chirag-Gunashli where crude production from the fields has peaked at around one million barrels per day and the future growth will come from trading oil of third parties with oil sales going to Asia, Europe, Africa, the United States and Canada. 37 percent of Socar’s activity came from third party volumes in 2010 and it should double this year,” Golovushkin said.
Socar Trading is building an oil storage terminal at the United Arab Emirates port of Fujairah and it would be the key foothold for the company to expand its trading activity when it started operating in October 2011.
