Baku: At a certain stage, a commodity exchange should be established in Baku, said Anar Habib, a senior trader for light oil products at SOCAR Trading, while speaking at the 2nd Caspian and Central Asia Oil Trade and Logistics Forum organized by GLENMAR Group, APA-Economics reports.

According to Azeri-Press News Agency, it could be called the Baku exchange, energy exchange, etc. - that is another matter. Such a project could be implemented in the format of a joint venture with the ICE Futures Europe, as well as with the support of major international banks such as JPMorgan Chase and Goldman Sachs. Anar Habib expressed confidence that these entities would be pleased to participate in such an initiative.

Anar Habib mentioned that discussions have been ongoing among traders, sellers, and buyers in the Caspian region on establishing an effective hedging mechanism. He emphasized the need for creating conditions for the establishment of a commodity exchange in Baku.

Anar Habib also pointed out that while the existing infrastructure can temporarily meet the needs, there will be a necessity to build new infrastructure in the future. He highlighted the presence of the Alat Port in Baku, which functions as a free economic zone. A similar model to the North-Western European hubs such as Amsterdam, Rotterdam, and Antwerp could also be developed on the Caspian coast.