17:13 - 6.04.2018

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April 6, Fineko/abc.az. Rovnag Abdullayev, president of the State Oil Company of Azerbaijan (Socar) gave an interview for the website of ruling party Yeni Azərbaycan.

In the interview Abdullayev stated about the importance of proper branding of Azerbaijani oil in order to maintain its position in the world market.

"Socar Trading, established in Switzerland in 2007 for sale of petroleum products to consumers directly and on favorable terms, optimization of revenues in this area and centralization of sales, became known worldwide for a short time, gaining a foothold in new markets through divisions and offices in Geneva, Singapore, Turkey, UAE, Nigeria, China, Canada and Vietnam. At the first stage Socar Trading promoted high-quality Azerbaijani oil Azeri Light as brand of light oil on the world markets. Due to this, for the 2008-2013 petriod Azerbaijan received additional income in the amount of $1.8 bn," Abdullayev said.

According to Abdullayev, today Socar Trading sells not only Azerbaijani oil, but mostly oil and petroleum products of third parties.

"Over the past three years our subsidiary has increased trading in oil and oil products of third parties more than 4-fold, from 21 million tons up to 86 million tons. In 2017. Socar Trading sold 108 million tons of oil and petroleum products, and thereby doubled volume of operations," Abdullayev emphasized.