SOCAR, which set up its trading unit in 2008, has been expanding its oil and oil products trading and logistics operations in Europe.
“This (deal) is part of our strategy of competing for market share. Control over logistics gives advantages … when implementing trading strategies,” Arzu Azimov, the Geneva-based head of SOCAR Trading, told Reuters.
The deal, which was closed last month, gives SOCAR access to two Suezmax-class tankers with deadweight of 140,000 tonnes each and five Aframax-class tankers with 80,000 tonnes capacity each.
SOCAR bought the seven tankers from Turkey-based Palmali, one of the biggest shippers in the Caspian region, Azimov said.
Azimov and a Palmali representative would not comment on the value of the deal.