First SOCAR gas station opened in Switzerland

By mid-2013 all 160 former Esso gas stations in Switzerland will operate under the brand of the State Oil Company of Azerbaijan (SOCAR), SOCAR Energy Switzerland's official website reported on Wednesday.

The day before SOCAR commissioned its first gas station in Zurich.

According to the report, SOCAR is a new brand in the energy resources market.

"This is the first entry of the foreign company to the market of gas stations in Switzerland for over 20 years," the report says.

On June 29, the signing ceremony for the Change in Control procedure for purchase of American ExxonMobil's Esso Switzerland assets by SOCAR took place in Zurich, Switzerland. The total COST of the assets acquired by SOCAR in Switzerland is $330 million.

SOCAR signed an agreement with Exxon Mobil in November last year to acquire its Swiss branch called Esso Schweiz GmbH. The company will operate under Esso brand within 12 months after the owner is changed. SOCAR has also taken over the Wangen-Olten gas station, and a number of gas stations and joint ventures specialised in aircraft fuelling at the Geneva and Zurich airports and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.


/Trend/