BAKU, Azerbaijan, July 2. SOCAR Trading is exploring opportunities to expand its operations into Africa and South Asia as it looks beyond its traditional markets, a senior company executive said Thursday, Trend's correspondent reports from the event.
Togrul Kocharli, executive director of the Global Business Development Department at SOCAR Trading, made the remarks during the Black Sea Trade and Development Bank business forum in Baku.
Kocharli said SOCAR initially grew by expanding its presence across the Black Sea region but now sees its next phase of large-scale growth in new international markets.
"The company has already invested more than $20 billion in the Turkish economy and holds strong positions across nearly all segments of Georgia's energy sector," he said. "There is also significant potential along the western coast of the Black Sea, where SOCAR is present but not yet as active."
He said those markets include Romania, Albania, Bulgaria and Greece. SOCAR already operates gas stations and terminals in Romania, while its Albanian subsidiary is developing the country's first natural gas supply project to the city of Korça.
Although those projects are expected to support additional growth, Kocharli said they are unlikely to significantly alter the company's overall scale.
Instead, he said, SOCAR Trading is focusing on opportunities in Africa and Southeast Asia, as well as in Pakistan, Bangladesh and India.
Kocharli also highlighted the importance of price hedging for trading companies, noting that it requires maintaining substantial funds with financial partners.
"During periods of sharp price volatility, such as in 2020, 2022 and 2026, many companies encountered serious challenges," he said. "Building relationships with institutions such as the Black Sea Trade and Development Bank is one way to address those risks."
SOCAR Trading currently works with more than 40 banks and maintains trade and structured finance facilities worth billions of dollars, he said.
Kocharli added that the credit facility previously approved by the Black Sea Trade and Development Bank has been expanded. While the facility was initially announced at $50 million, it has increased to $70 million as of 2026.
Despite working with dozens of financial institutions and securing billions of dollars in financing, Kocharli said each banking relationship remains strategically important.
"Every bank has its own approach to risk management and geographic focus," he said. "That is why the relationship we are building with the Black Sea Trade and Development Bank is so important to SOCAR Trading's continued international expansion."
