SOCAR Trading, a trade house of the State Oil Company of Azerbaijan (SOCAR), has announced a 4-fold increase of its cost.
The trade house reports that as part of a regular assessment of SOCAR Trading’s progress from its inception in to its current position in the market, the company has mandated one of the “Big 4” professional firms to perform a business valuation of SOCAR Trading as of 30 June 2016.
“According to the valuation results, the fair value of SOCAR Trading as of 30 June 2016 approximated $1.15 bn. This makes a nearly 4-fold value accretion of the fair value of the company compared to a previous valuation of $310 million conducted by the same firm as of 30 June 2012,” SOCAR Trading informed.
The Company also pointed out that SOCAR Trading’s increasing reliance on third party crude sources, coupled with strong business development focus in North America, Africa and Asian markets will work towards consistently increasing volumes and profitability in the years to come.