The market value of SOCAR Trading SA, the marketing arm of Azerbaijan’s state oil company SOCAR, was $1.15 billion as of June 30, 2016, reads a message on the company’s website.
One of the Big Four accounting firms (EY, KPMG, PwC, Deloitte) was instructed to carry out business valuation of SOCAR Trading as of June 30, 2016, Trend reports. However, the company’s name was not specified in the message.
“Fair value of SOCAR Trading amounted to $1.15 billion as of 30 June 2016. This means almost a fourfold increase of the company’s fair value compared to the previous estimate of $310 million,” reads the message.
The increasing dependence of SOCAR Trading on raw sources of third parties in combination with active business development in North America, Africa and in Asian markets will contribute to a consistent increase in volumes and profitability in the coming years, according to the message.
SOCAR Trading was established in Geneva in December 2007.
While the company continues to market the bulk of SOCAR crude oil export volumes from Ceyhan port in Turkey, it has also been able to develop significant third party volumes through both leveraging its system barrels, as well as its experienced traders developing new business.
SOCAR Trading’s activities cover the US, and countries in Europe and Asia.