By Ayya Lmahamad
SOCAR Trading, the largest supplier of Azeri Light crude oil in the world and marketing and development arm of Azerbaijan State Oil Company, has implemented a new real-time reporting solution for its Treasury function, the company has reported.
J.P.Morgan’s Insight API is the latest in a series of significant IT infrastructure investments made by SOCAR Trading.
SOCAR Trading has invested considerable time and resources in sophisticated IT systems and digitalized internal control frameworks have given the company the agility and the confidence to merit its status as one of the most successful global energy trading companies.
“J.P. Morgan’s Insight API solution provided us with the agility, transparency and adaptability we needed to access timely information on our cash balances and other bank data,” SOCAR Trading Group Head of Treasury Clement Briquetti has said.
Set up by SOCAR in late 2007, SOCAR Trading has trading offices in Singapore, Dubai and London and incorporated its fifth trading office in Calgary, Canada.
The field of activity of SOCAR Trading covers the countries of Europe, Asia and America.
SOCAR Trading is active in oil products trading with its dedicated desks for light, middle, and heavy distillates. The light distillates desk trades gasoline, naphtha, LPG and condensates, middle distillates desk trades gasoil and ultra-low-sulfur-diesel (ULSD), while the heavy distillates desk trades fuel oil.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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