Azernews.Az

Azerbaijani state energy firm Socar is considering the possibility to expand into Switzerland and Romania in the medium term, a Socar source told Trend news agency.

In particular, the source said, accessing the markets of the two countries will allow the company to study European experience and also review the option of expanding into markets in Austria, Hungary and several Balkan countries.

``Socar is greatly interested in taking part in many projects in the region,`` the source said.

He said the plans for the development of Turkish petrochemical complex Petkim, in which Socar has equity participation, and building a new refinery will allow Petkim to increase its share in the Turkish market to 40 percent.

In addition, Socar is considered not only as a supplier of petroleum and petroleum products to Central and Eastern Europe, but also as a company that has extensive experience in the oil and gas sector, which makes it attractive as a participant in various regional projects, the source said.

Earlier, the Azerbaijani energy firm acquired 14 gas-filling stations in Romania. The stations are located in the northeast of Romania near the border with Moldova.

Currently, Socar runs its own gas stations in Azerbaijan, Georgia and Ukraine. The company signed an agreement with Exxon Mobil in November last year to acquire its Swiss branch - Esso Schweiz GmbH.