The State Oil Company of Azerbaijan (SOCAR) on Wednesday signed an agreement with Exxon Mobil on the acquisition of its Swiss division, Esso Schweiz GmbH, SOCAR said in a statement published on its website, Trend reports.
The agreement was signed between SOCAR and Exxon Mobil Central Europe Holding GmbH in Zurich, Switzerland today.
SOCAR Energy Switzerland, a recently founded company, intends to continue commercial activity on the provision of high-quality services at the expense of acquisition of Esso.
The company will work under the Esso brand within 12 months after change of the owner. De-branding of business related to aviation, trucks, and oil storage tanks will be carried out 30 days after the completion of the transaction.
All existing contract commitments and production process will remain unchanged during the transitional period.
SOCAR buys Exxon Mobil's Swiss division
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