SOCAR Trading News
Significant IT infrastructure investment leads to increased agility and flexibility with remote work
GENEVA – SOCAR Trading, the largest supplier of Azeri Light crude oil in the world and marketing and development arm of SOCAR, the State Oil Company of Azerbaijan, has implemented a new real-time reporting solution for its Treasury function. J.P. Morgan’s Insight API is the latest in a series of significant IT infrastructure investments made by SOCAR Trading.
GENEVA: SOCAR Trading, the Geneva-based global energy trader, has promoted Luc Chevallier to Global Head of Operations with immediate effect. Mr. Chevallier is responsible for SOCAR Trading’s Oil and Non-Oil Operations business, including the implementation of new procedures and insurance. He will be part of the Management team working closely with Risk and Compliance departments ensuring accurate independent reporting and risk management.
SOCAR Trading S.A. would like to inform of the following changes in the management of the company:
SOCAR Trading is moving its Headquarters to a different location in Geneva.
On April 24, the city of Marsaxlokk in Malta hosted the opening ceremony of the gas terminal and power plant built by ElectroGas Malta, partially owned by SOCAR Trading.
As part of a regular assessment of SOCAR Trading’s progress from its inception in to its current position in the market, the company has mandated one of the “Big 4” professional firms to perform a business valuation of SOCAR Trading as of 30.06.2016.
SOCAR Trading has delivered first LNG batch for the LNG-to-Power Project, which is underway in Malta.
Petroci, the Ivorian state oil company and six other partners have on November 24th 2016 formally established a consortium to build a liquefied natural gas (LNG) import terminal meant to feed the country's growing energy consumption.
The SOCAR Energy of Azerbaijan logo is everywhere in the Euro 2016 stadiums. The national petroleum and gas company of Azerbaijan, official UEFA sponsor, is showing its ambition to become a premium brand in the energy sector.
Azeri state oil company Socar's trading division is looking to expand in North America, having opened an office in Calgary in recent months and eyeing a second one in Houston, its chief executive told Reuters.
On May, 27th Indian ONGC (Oil and Natural Gas Corporation) Videsh Limited and SOCAR Trading SA signed a Memorandum of Understanding where two companies agreed to collaborate in the oil and gas sector by mutually sharing their experience in optimizing sales revenues and their portfolios.
Following recent press coverage on the closure of SOCAR Trading, the company would like to comment on the inaccuracy of the information and confirm that it maintains all its current business activities in Geneva.
SOCAR Trading participated in FT Commodities Global Summit 2016 organised by the Financial Times that took place in Lausanne on April 11-13. The fifth edition featured the leaders of some of the world’s biggest trading houses and resources companies debating issues facing the oil, metals and grains industries.
SOCAR Trading as part of the ElectroGas Malta consortium has been awarded a prestigious award at the Infrastructure Journal Global Awards ceremony held in London on the 10th of March 2016.
Azeri state oil firm Socar's trading division is looking to reactivate deals with Iran, as well as expanding into new markets ranging from North American crude to natural gas in Europe, its chief executive told Reuters.
Article is available in Publications
SOCAR Trading represented by its CEO, Mr. Arzu Azimov participated in an annual India Invest forum that took place in Paris on January, 18th 2016.
The article is available in Publications.
Platts, one of the leading global providers of information and a premier source of benchmark price assessments for commodity markets has held its annual Global Energy Awards ceremony on 9th of December in New York.
SOCAR Trading has signed its USD 150,000,000 Revolving Credit Facility. This is the first Revolving Credit Facility for the company and complements its existing syndicated borrowing base and bilateral facilities with over 20 financial institutions. These facilities support SOCAR Trading’s established and continuing global growth strategy.
SOCAR Trading has been named a finalist in the Platts Global Energy Awards, an annual program recognizing exemplary industry leadership and innovation. The 2015 finalists, chosen from nearly 200 nominees from nearly three dozen nominating countries and representing 4 continents, were announced today by program host Platts, a leading global provider of energy, petrochemicals, metals and agriculture information.
In July 2015, SOCAR Trading reached an agreement to invest in a 45,000m3 storage facility in Cotonou port of Benin for the supply of regional market with oil products.
SOCAR Trading Group today released results for the year ended 31 December 2014:
SOCAR Trading has taken another key step in its strategic growth plan by recruiting the traders of Phibro in London.
In an interview conducted by the Swiss newspaper L’Agefi, SOCAR Trading CEO Arzu Azimov talked about SOCAR Trading’s history, current position, and vision as the trading arm of the State Oil Company of Azerbaijan Republic (SOCAR).
Following the signing of the Memorandum of Understanding (MoU) between SOCAR and GAIL in November 2014 which sets priority areas for co-operation between the two companies, SOCAR Trading has been exploring the possibility of collaborating with GAIL Global (Singapore) Pte Ltd on different LNG projects.
Following declaration of the Constitutional Act of the State Independence of the Republic of Azerbaijan dated 18 October 1991, America and the leading countries from Europe and Asia focused their attention on the rich subsurface and surface resources of Azerbaijan.
Currently having 570MW of fuel oil-based electricity generation capacity, the Government of Malta has on the 11th of April 2013 tendered an infrastructure project to re-gasify the island nation and move away from the costly, less efficient and the eco-unfriendly fuel oil-run turbines.