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Socar Looks to Expand LNG Business in Asia

LNG

Azerbaijan’s state energy company Socar is looking to boost its footprint in Asia, following the signing of a supply deal with Pakistan, according to Bloomberg.

  • The company will add permanent staff in Singapore, and is evaluating options to trade with Chinese buyers, as well as new LNG customers such as the Philippines and Vietnam
  • Socar Trading can source LNG from the US, and the focus is on contracts with shorter duration and smaller volume.
  • The supply deal with Pakistan offers one cargo per month the world’s cheapest spot price available that day, which must also be lower than the 30-day average of LNG indices. Pakistan has the right to reject a cargo without explanation.
Energy BulletsCommodities
Energy BulletsCommodities

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