SOCAR Trading SA - the Geneva-based global energy trader has been announced as the Diamond Partner of 27th International Conference Oil and Gas of Turkmenistan-2022 (OGT-2022), scheduled to be held in Ashgabat on 26-28 October.
SOCAR Trading was incorporated in December 2007 as the marketing arm of the State Oil Company of Azerbaijan Republic (SOCAR). It was established with the mandate to market Azeri oil barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan. The company has since expanded into other markets, and boasts a long-lasting partnership with Turkmenistan in crude oil and oil products.
SOCAR Trading also delivers Azeri barrels via the Western Route Export Pipeline (WREP) in Georgia, the Baku-Tbilisi-Ceyhan pipeline (BTC) in Turkey and Baku-Novorossiysk in Russia.
SOCAR Trading SA has established partnerships and business relationships worldwide, working with a vast diversity of first-class European and global banks and with other state-owned entities, such as those in Turkmenistan. It has invested in several physical infrastructure projects to enable it to generate trading flows, and is a logistics hub for Caspian barrels. With a presence across the value chain, SOCAR Trading is focused on expansion by growing its light oil and LNG divisions in 2021-2023, developing oil products trading, and further enlarging its positions in Southern and Eastern European gas trading.
SOCAR Trading is confident of playing an even more important role in the increasing trade between Azerbaijan and Turkmenistan following the signing of a Memorandum of Understanding between the Governments of the two states in January 2021 on joint exploration and development of hydrocarbon resources of Dostluk field in the Caspian Sea.
The development of the Dostluk field will open up new opportunities for the country to export natural gas to the West. Oil reserves in the field are about 60 million tons and natural gas reserves amount to 100 billion cubic meters.
The OGT 2022 is organized by Türkmengaz (Turkmen Gas), Türkmennebit (Turkmen Oil) and Türkmenhimiýa (Turkmen Chemicals) state concerns, Türkmengeologiýa (Turkmen Geology) State Corporation in partnership with Turkmen Forum and UK-based GaffneyCline.
