The State Oil Company (SOCAR) has closed its office in Geneva.
According to the interview of the Azerbaijani Ambassador to Switzerland Akram Zeynalli with Nasha Gazeta (Our Newspaper), cost optimization and restructuring of various departments is connected with the unexpected almost threefold fall in world oil prices over the past 1.5 years.
SOCAR was represented in Switzerland by three different bodies: the official representation and the companies SOCAR Trading and SOCAR Energy Switzerland. Thus, SOCAR Energy Switzerland operates a network of petrol stations in Switzerland, gradually expanding the network across the country.
In recognition of the diplomat, the state company actively invests in the economy of various countries, e.g. the purchase of a petrol station network Esso from Exxon Mobil in 2011. Today SOCAR petrol stations network consists of approximately 160 units.
Enjoying the status of state monopoly, SOCAR is the only producer of oil products in Azerbaijan and it also owns petrol stations in Georgia, Ukraine, Romania and Switzerland, not counting the local stations network.
According to official figures, last year SOCAR exported 1.23 million tons of oil (+ 0.3 million tons to 2014). By April 1, it exported 350,000 tons of oil (+ 1,400). --17D-
Economics
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