SOCAR Trading closes Canada office

  10 November 2017    Read: 476
SOCAR Trading closes Canada office

Azerbaijani state oil company SOCAR’s North American trading division will close its Calgary office in Canada and move all commercial and support functions to Houston in the next three to four months, Reuters reported citing a letter from the company.

SOCAR Trading, which entered the Canadian market in 2015 and opened a Houston office in late 2016, said Houston had continued to grow and had increasingly become a hub for its activities in North America, according to the letter.

“It was not clear if any staff would relocate to Houston,” says the report.

“SOCAR Trading also said in the letter that while the plans do not affect any current business, it would likely reduce the scope of some of its activities over the coming months. It added that it would continue to operate “business as usual” to meet any physical and financial commitments.”

Geneva-based SOCAR Trading was set up in 2007 as the marketing arm of Azerbaijan’s national oil company.

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