SOCAR Trading: Covid-19 pandemic makes us change our traditional modus operandi

# 13:08
24 September 2020

"The Covid-19 pandemic has made us change our traditional modus operandi, and almost all Azeri Light crude went to Asia," SOCAR Trading's chief executive Mariam Almaszade said, APA-Economics reports citing Argus.

"In a situation when market fundamentals are not working, we realised that the worst thing that could have happened to us was a high concentration risk," Almaszade said.

"The fact that we have different desks and scenarios and the fact that Socar Trading has offices in Singapore, America and Europe gave us a very good understanding of what was going on." "We understand that there are still quite a lot of positions in crude — and specifically third-party crude — which we have an appetite for," she said.

Socar Trading also acknowledges that "LNG and gas in general will play a significant role in the company's future" amid the energy transition.