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SOCAR signed agreement with Exxon Mobil over acquisition of its Swiss division

November 17/2011

(Trend) -- The State Oil Company of Azerbaijan (SOCAR) on Wednesday signed agreement with Exxon Mobil over acquisition of its Swiss division, Esso Schweiz GmbH, the SOCAR reported at its Website. The agreement was signed between SOCAR and Exxon Mobil Central Europe Holding GmbH in Zurich, Switzerland. As reported, SOCAR Energy Switzerland, a recently founded company, intends to continue commercial activity on the provision of high-quality services at the expense of acquisition of Esso.

The company will work under the Esso brand within 12 months after change of the owner. De-branding of business related to aviation, trucks, and oil storage tanks will be carried out 30 days after the completion of the transaction.

Following the acquisition of Esso Switzerland, the SOCAR has taken over a retail network consisting of 170 filling stations, a division specialized in fuel marketing for industry and wholesale clients (this division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland), gas filling station Wangen-Olten, filling stations, joint ventures specialized in aircraft fuelling at the Airports of Geneva and Zurich, and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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