At a certain stage, a commodity exchange should be established in Baku, said Anar Habib, a senior trader for light oil products at SOCAR Trading, while speaking at the 2nd Caspian and Central Asia Oil Trade and Logistics Forum organized by GLENMAR Group, APA-Economics reports.
“It could be called the Baku exchange, energy exchange, etc. — that is another matter. Such a project could be implemented in the format of a joint venture with the ICE Futures Europe, as well as with the support of major international banks such as JPMorgan Chase and Goldman Sachs. I am confident they would be pleased to participate in such an initiative,” Anar Habib said.
According to him, it has long been discussed among traders, sellers, and buyers in the Caspian region how to establish an effective hedging mechanism there.
“I believe that at a certain stage, conditions should be created for the establishment of a commodity exchange in Baku,” Anar Habib emphasized.
Anar Habib added that the existing infrastructure can only meet these needs temporarily. In the future, there will be a need to build new infrastructure. There is the Alat Port in Baku, which is effectively a free economic zone. A similar model to the North-Western European hubs such as Amsterdam, Rotterdam, and Antwerp (logistics, industrial and energy centers – ed.) could also be created on the Caspian coast.
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