Azerbaijan's state-owned oil company SOCAR will acquire ExxonMobil Corp.'s Swiss subsidiary, Esso Switzerland, according to a SOCAR statement posted on its website Thursday.
The acquisition includes Esso's retail network of more than 170 gas stations as well as its aviation fuel business at Geneva and Zurich airports.
The deal is expected to be completed in the third quarter of 2012. In the meantime, Esso Switzerland will continue to operate under the Esso brand. All current business processes and contracts will remain unchanged.
Once the acquisition is completed, the company will operate under the name of SOCAR Energy Switzerland.