ECONOMY
Socar Trading expands crude team to target Chinese refiners
Baku, November 30, AZERTAC
Nov 30 Azeri state oil company Socar's trading division has hired three new crude traders who will be based in London with a view to targeting the Chinese market, said its chief executive Arzu Azimov, according to Reuters.
Wang Zheng, the former head of crude at Unipec in London, and Xun Dong, a former crude trader at Shell, joined Socar this month and a third trader is due to join in the new year.
"Of course we will exercise their (traders') network in China and access to refineries in China," Socar Trading CEO Arzu Azimov said.
"Our strategy is global crude trading and the missing point so far was coverage of Asia because Asia was mostly concentrated around marketing/supply with national oil companies and government-to-government deals."
Socar Trading plans to sell directly to Chinese refiners, the so-called "teapots", which were given import licenses in 2015. Asian refiners prefer heavier crude, he said.
In Asia, Azeri Light goes to Indonesia, Thailand, Vietnam and sometimes Taiwan.
FEEDBACK
Other news in this section
- 29.08.2023 [10:41]
Oil prices fall in world markets
- 29.08.2023 [10:34]
Azerbaijani oil price sells for $88.56
- 28.08.2023 [16:41]
Shah Deniz celebrates 200 billion cubic metres of total gas production
- 28.08.2023 [10:49]
Oil prices rise in world markets
- 26.08.2023 [10:53]
Azerbaijani oil price exceeds $88
- 26.08.2023 [10:36]
Oil prices rise in world markets
- 25.08.2023 [11:00]
Azerbaijani oil price drops in world markets
- 25.08.2023 [10:21]
Oil prices rise in world markets
- 24.08.2023 [10:57]
Oil prices fall in world markets
Azeri Light crude dips to $88
- [10:42]
President Ilham Aliyev embarked on working visit to Germany VIDEO
- 25.04.2024 [23:30]
China launches 3 astronauts to Tiangong space station on Shenzhou 18 mission
- 25.04.2024 [20:46]
Five short films to be shot about Wetlands on Northern Black Sea Coast
- 25.04.2024 [20:40]
Milli Majlis of Azerbaijan responds to the European Parliament’s resolution
- 25.04.2024 [20:04]
® Age of innovations kicks off with Bakcell!
- 25.04.2024 [19:20]
LG Electronics’ operating profit falls 10.8 pct in Q1
- 25.04.2024 [18:47]
Euronews TV channel airs reportage on Azerbaijan’s Port of Baku
- 25.04.2024 [18:33]
Azerbaijani taekwondo fighters to compete in Presidents Cup Europe G2
- 25.04.2024 [17:55]
155 dead, 236 injured as torrential rains hit Tanzania
- 25.04.2024 [17:41]
Azerbaijan, Kyrgyzstan sign Memorandum of Understanding
- 25.04.2024 [17:15]
Philippines grapples with measles, pertussis outbreaks: UNICEF
- 25.04.2024 [17:02]
China welcomes progress made in Azerbaijan-Armenia normalization process
- 25.04.2024 [17:01]
Presidents of Azerbaijan and Kyrgyzstan had joint dinner VIDEO
- 25.04.2024 [16:42]
Azerbaijani gymnast into final of 2024 Men’s Artistic Europeans
- 25.04.2024 [16:36]
More than 100 inmates escape after rain damages Nigerian prison
- 25.04.2024 [16:15]
Human remains found in Khojaly district VIDEO
- 25.04.2024 [16:10]
Presidents of Azerbaijan and Kyrgyzstan visited the city of Aghdam VIDEO
- 25.04.2024 [16:01]
US secretary of state lands in China on crucial visit
- 25.04.2024 [15:50]
Azerbaijan showcases its tourism potential in Jordan
- 25.04.2024 [15:47]
Tesla could start selling Optimus robots by the end of next year, Musk says
- 25.04.2024 [15:09]
Egypt welcomes agreement between Azerbaijan and Armenia
- 25.04.2024 [15:02]
Azerbaijan, Kyrgyzstan discuss digital transformation
- 25.04.2024 [14:20]
Toyota fails to meet 10.1 mil. output target in FY 2023 amid scandals
- 25.04.2024 [14:16]
Hungary eager to increase gas supply from Azerbaijan
- 25.04.2024 [14:12]
NASA's Voyager 1 returns intelligible signal for 1st time in months
- 25.04.2024 [14:10]
Azerbaijani film selected for Cannes Short Film Festival
- 25.04.2024 [14:10]
Atalanta beats 10-man Fiorentina 4-1 to reach Italian Cup final vs. Juventus
- 25.04.2024 [13:14]
Iraqi President invited to COP29
- 25.04.2024 [12:45]
Oil prices surge in global markets
- 25.04.2024 [12:11]
Azerbaijan, Algeria discuss energy cooperation
- 25.04.2024 [11:56]
Kyrgyz Cinema Days open in Baku
- 25.04.2024 [11:27]
Azerbaijani Army conducts command-staff exercises
- 25.04.2024 [10:53]
Azerbaijani oil sells for $89.49
- 25.04.2024 [10:21]
COP29 Presidency opens application process for national pavilions
- 25.04.2024 [10:14]
® Bakcell is inviting the entire country to the concert at Boulevard
- 24.04.2024 [20:28]
® Birbank Business’s special “Welcome” campaign for new customers
- 24.04.2024 [20:23]
Kyrgyz President Sadyr Zhaparov pays tribute to Azerbaijani martyrs
- 24.04.2024 [19:06]
Kyrgyz President Sadyr Zhaparov pays respect to Great Leader Heydar Aliyev
- 24.04.2024 [18:55]
US Congress members informed about Azerbaijan-Armenia peace process
- 24.04.2024 [18:31]
Azerbaijan-Hungary Energy Working Group convenes fourth meeting
- 24.04.2024 [18:11]
AZERTAC hosts meeting with Uzbek journalists VIDEO
- 24.04.2024 [17:24]
Court investigates business corruption accusation against wife of Spanish PM
- 24.04.2024 [16:57]
Hungarian foreign minister to visit Azerbaijan
- 24.04.2024 [16:42]
Türkiye rejects ‘one-sided’ statements on 1915 events
- 24.04.2024 [16:22]
Azerbaijani rowers aim for 'medal rush' in Hungarian tournaments
- 24.04.2024 [16:11]
Azerbaijani tennis player grabs bronze at WTT Youth Contender Spa 2024
- 24.04.2024 [15:47]
Azerbaijan and Kyrgyzstan signed documents VIDEO
- 24.04.2024 [15:34]
Azerbaijan’s Naval Forces and MES hold Wave-2024 joint tactical exercise
- 24.04.2024 [14:04]