Azerbaijan, Baku, Dec.13 / Trend E. Ismailov /
SOCAR Trading's Singapore Office focuses on the oil and oil product trade of third countries, a State Oil Company of the Azerbaijan Republic (SOCAR) senior official told Trend today.
According to the source, the Southeastern Asian market differs from the European market. To function on the market, one first needs to have oil storage facilities, he said. Trade with smaller customers purchasing products in small batches also prevails.
The company does not focus on trading the Azeri Light brand on the market.
"We are just involved in regular trading activity," the source said.
As Singapore boasts one of the most active markets in the world, SOCAR Trading is primarily interested in trading the oil of third countries at its ports, the source said.
SOCAR Trading plans to expand its black oil and naphtha trade in Asia next year, SOCAR Trading Vice President Arzu Azimov said earlier.
SOCAR Trading plans to make its office in Singapore fully responsible for crude oil trade in Asia, and to increase its market share at the expense of long-term contracts.
SOCAR Trading has expanded its presence in Singapore due to the amount of oil supplies heading in the eastwards direction and the quantity of vessel fuel moving toward the world's largest bunkerage port.
