SOCAR Trading SA - Diamond Partner of the XXVII International Conference «Oil and Gas of Turkmenistan» in Ashgabat
04 October 2022
SOCAR Trading SA, global energy trader, has been announced as a Diamond Partner of the XXVII International Oil and Gas Conference of Turkmenistan, Turkmen Forum, the co-organizer of the upcoming event, reports.
SOCAR Trading SA, headquartered in Switzerland, was registered in December 2007 as a marketing branch of the State Oil Company of the Republic of Azerbaijan (SOCAR). It was established for the purpose of trading Azerbaijani oil produced at the Azeri-Chirag-Guneshli field and other nearby fields in Azerbaijan. Since then, the company has significantly expanded its presence in the international market and is now a long-term partnership with Turkmenistan in the field of oil and oil products.
SOCAR Trading SA has made significant progress in investing in logistics operations, trading in third-party oil and oil products, and participating in oil refining operations. The company also supplies Azerbaijani oil through the Western Route (WREP) oil pipelines in Georgia, Baku-Tbilisi-Ceyhan (BTC) in Turkey and Baku-Novorossiysk in Russia.
SOCAR Trading SA combines the advantages of a state-owned enterprise and an independent commodity trading company. Thanks to the coordinated work of a team of highly qualified specialists and management, supported by complex IT systems and an internal control structure, SOCAR Trading SA has become one of the most successful global energy trading companies.
SOCAR Trading SA has established partnerships and business relationships around the world, cooperating with a wide range of first-class European and global banks, as well as with other government organizations, such as in Turkmenistan. In the Caspian Sea region, the company has invested in several infrastructure projects to generate trade flows, and is a logistics center for the export flows of different grades of oil produced in the region.
With a presence at all stages of the value chain, SOCAR Trading SA is focused on further expansion by increasing trade in light oil and LNG in 2021-2033, developing trade in petroleum products and further expanding its position in gas trade in Southern and Eastern Europe.
SOCAR Trading SA is confident that it will play an even more important role in the growing trade between Azerbaijan and Turkmenistan after the signing in January 2021 of the Memorandum of Understanding between the governments of the two states on the joint exploration, development and development of the Dostluk hydrocarbon field in the Caspian Sea.
The development of the Dostluk field will open up new opportunities for the country to export natural gas to the West. The oil reserves of the field are about 60 million tons, natural gas - 100 billion cubic meters.
During the fourth meeting of the working group on the preparation of an agreement between the governments of Turkmenistan and Azerbaijan on joint exploration and development of the hydrocarbon resources of the Dostluk Caspian field, the progress achieved in joint work was noted.
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