SOCAR Trading starts LNG trading in Singapore to capture Asian demand

SINGAPORE, Sept 14 (Reuters) — Azerbajian’s SOCAR Trading has begun liquefied natural gas (LNG) trading in Singapore to capture growing demand in Asia, its chief executive said.

The company has hired an LNG trader who will be starting work soon and it plans to employ a few more staff, CEO Mariam Almaszade told Reuters.

“We’re looking to increase our footprint in Asia,” she said, adding that this comes on the back of expansion of gas trading operations in Europe over the past couple of years.

“(We’re) looking to extend the same set-up in Asia.”

The company is offering LNG cargoes to Pakistan on a regular basis in a deal between the country and Azerbaijan, Almaszade said.

SOCAR is also looking at investing in LNG-to-power projects across Asia in expectation of a recovery in LNG demand after prices cooled from record levels hit last year after Rusia invaded Ukraine.