Assets bought in Switzerland to pass under SOCAR’s control by July

Azerbaijan, Baku, June 5 /Trend E.Ismayilov/ The State Oil Company of Azerbaijan (SOCAR) will pay the remainder of the funds for the acquisition of assets in Switzerland by June 15, SOCAR vice president on economic issues Suleyman Gasimov told reporters on Tuesday. Gasimov added that 10 per cent prepayment to the sum of $30 million was previously provided to SOCAR. "The total price of assets acquired by the State Oil Company in Switzerland is $330 million. Some $200 million of the remaining $300 million payment will be provided by funds received from Eurobonds and $100 million from the company's own resources," Gasimov said. He noted that the payment of these funds will be made until June 15 in order for assets to be transferred to the balance of SOCAR on July 1. SOCAR signed an agreement with Exxon Mobil in November last year to acquire its Swiss branch called Esso Schweiz GmbH. The company will operate under Esso brand within 12 months after the ownership is changed. Following the acquisition of Esso Switzerland, the SOCAR has taken over a retail network consisting of 170 filling stations, a division specialising in fuel marketing for industrial and wholesale clients (this division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland), the gas filling station Wangen-Olten, filling stations, joint ventures specialised 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. Do you have any feedback? Contact our journalist at agency@trend.az