Azerbaijan’s SOCAR Trading sign memorandum with Indian OVL

SOCAR Trading SA, the marketing arm of the State Oil Company of Azerbaijan Republic (SOCAR), signed a Memorandum of Understanding (MoU) with India’s ONGC (Oil and Natural Gas Corporation) Videsh Limited, SOCAR Trading’s message said.

The two companies agreed to collaborate in the oil and gas sector by mutually sharing their experience in optimizing sales revenues and their portfolios, said the message.

ONGC is India’s largest oil and gas exploration and production company. The company meets about 30 percent of India’s crude oil demand.

Headquartered in Geneva, SOCAR Trading was incorporated in December 2007 as the marketing arm of the State Oil Company of Azerbaijan Republic (SOCAR) with a mandate to market Azeri barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan.

While the company continues to market the bulk of SOCAR crude oil export volumes from Ceyhan port in Turkey, it has also been able to develop significant third party volumes through both leveraging its system barrels, as well as its experienced traders developing new business. SOCAR Trading’s activities cover countries of Europe, Asia and the US.

Source: Trend