SOCAR Trading reveals losses
By Nigar Abbasova
SOCAR Trading, the biggest supplier of Azeri Light crude oil in the world, has revealed the volume of loss due to liquidation of Moroccan Samir oil refinery. The loss amounted to approximately $9 million, SOCAR Trading said in its recent report.
The company, headquartered in Geneva assessed the volume of its net losses taking into account the partial refund, which was made through insurance.
The oil refinery halted its operations due to financial difficulties. Tax debts of the refinery exceeded $1.3 billion while the total volume of arrears hit $4.5 billion, Reuters reported. In this regards, Moroccan court took a decision on the liquidation of Samir refinery.
The refinery was controlled by Corral Holdings, which has a 62.26 percent stake in the company. Part of the production of Samir refinery was realized by SOCAR Trading.
SOCAR expanded its presence in Africa in 2015 by buying a 20 percent stake in Benin's Octogone Stockage de Produits Petroliers that engaged in crude storage.
SOCAR Trading is planning to expand its presence in Angola by means of STL Oil and Gas SA Company in which it holds about 49 percent stake. Main objective of the STL' is to hold and manage investments in the upstream oil and gas industry in Angola.
SOCAR Trading was incorporated in December 2007 as the marketing arm of the State Oil Company of Azerbaijan (SOCAR).
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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