The State Oil Company of Azerbaijan (SOCAR) plans to open a sales office in the oil capital of Canada - the first in North America - as part of the expansion of its activities in international markets.
SOCAR Trading, the trading arm of SOCAR, has hired employees for the office in Calgary, Alberta, two sources familiar with the situation told Reuters. According to one of them, it is not clear when the new office will start.
The attempt to receive comments from representatives of the company has not yet succeeded.
SOCARTrading, the world's largest supplier of light oil brand Azeri Light, continues to increase its presence in foreign markets. This year, SOCAR Trading has hired the entire staff of the London-based company Phibro - some traders and support staff. Previously, the parent company of Phibro, Occidental Petroleum, has decided to curtail this business, which was led by the famous oil trader Andy Hall.
SOCAR Trading is based in Geneva and has offices in Dubai, Singapore and London. --12D--
Economics
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