Socar snaps up Phibro's London-based trading team

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The oil marketing and trading arm of the State Oil Company of Azerbaijan Republic (Socar) has recruited a team of London-based traders from Phibro, the US-based commodity trader.

It comes as California-based Occidental Petroleum, Phibro's parent company, seeks to restructure its business and curb its exposure to proprietary trading in commodities. The firm wound down Phibro's domestic US trading book in late 2014, and in a conference call with analysts in January, chief financial officer

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