Financial Times: Azerbaijan state oil group targets Europe

In the late 19th century Europe’s top oil barons – the Rothschilds and the Nobels – descended upon resource-rich Azerbaijan, anxious to get a piece of the country’s newfound oil reserves.

Now, more than 100 years later, Azerbaijan and its state energy company are preparing to return the favour, moving into Europe’s backyard with deals that stretch from Romania to Switzerland. Unlike the 19th century oil barons, the State Oil Company of Azerbaijan, or Socar, is not after reserves, but prestige.

By the end of the year, Socar will have assumed control of more than 170 petrol stations in Switzerland and be operating them under the State Oil Company of Azerbaijan brand name following Socar's $200m acquisition of a Swiss ExxonMobil unit.

The acquisition is one step in an ambitious plan for European expansion that could ultimately see Socar move beyond retail and refinery deals and take a share of the British gas market, Vitaly Baylarbayov, Socar's deputy vice-president, said in an interview.  MORE