Socar Trading strives to keep oil processing deals with Egypt

Geneva-based Socar Trading S.A., a trade house founded by the State Oil Company of Azerbaijan, continues considering operations with Egypt attractive despite the recent political events in the latter.

Valery Golovushkin, president and chief executive of the Company, has claimed that they are keen to keep its oil processing deal with Egypt.

“Our Company was not hurt by the historically wide spread between ICE Brent crude futures and U.S. crude futures as we do not handle grades that are priced based on U.S. crude,” he said.

Socar Trading S.A., whose turnover in 2010 reached $19 billion, expects to triple it for the next 5 years to become as Gunvor or Trafigura.


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