SOCAR hires Phibro traders to expand London team

Baku: APA-Economics. Azerbaijan’s state-owned oil company Socar has expanded its operations in London and has hired traders from Phibro, the trading group that Occidental Petroleum is shutting down, the Financial Times reported.

SOCAR on Tuesday said it had recruited Phibro’s London-based team to build on the Azeri group’s presence in the crude oil and refined products trading business in Europe, Africa and Asia. The new team, which starts in London on Tuesday, will primarily handle crude oil, but will branch out into refined products as well.

Last year, SOCAR hired traders from rivals Trafigura and Arcadia to form part of this team.

Established in 2007, SOCAR Trading has its headquarters in Geneva, has big offices in Singapore and Dubai and a smaller presence in other cities around the globe.

SOURCE: Azeri Press News Agency