TODAY.AZ / Business

SOCAR Trading hires european traders

18 March 2015 [11:00] - TODAY.AZ

Socar Trading, which is a subdivision of the State Oil Company of Azerbaijan (SOCAR), has hired staff from Phibro, the trading operation that Occidental Petroleum is winding down, to expand its London-based team, Reuters reported.

SOCAR Trading has recruited all Phibro's London team, who include several traders and operations staff. Its operations will focus initially on trading of crude oil but could expand to oil products, according to the company’s spokesman.

“Until now, Socar only had a representative desk in London but now they have a fully-fledged London operation that will use the credit lines of Socar Trading,” said a spokesperson.

Following Occidental Petroleum's announcement in late 2014 of its intention to pull back from proprietary trading of crude oil, SOCAR Trading took the opportunity to recruit Phibro's London trading team and increase significantly its presence in the London oil market, according to Socar Trading’s statement.

Phibro has been winding down operations in the United States and elsewhere since last year.

SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia and the Ukraine. Last year SOCAR purchase network of gas filling stations in Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.


/By Trend/



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