Petrovietnam to buy up to 3.5 bn barrels of oil from Azerbaijan

Photo: Petrovietnam to buy up to 3.5 bn barrels of oil from Azerbaijan  / Oil&Gas

Baku, Azerbaijan, March 4

By Aygun Badalova -Trend:

Vietnam Oil & Gas Group (Petrovietnam) will buy up to 3.5 million barrels of Azerbaijani oil in 2014 from the State Oil Company of Azerbaijan (SOCAR), the Wall Street Journal reported with the reference to Petrovietnam's statement.

The crude oil will be mixed with Vietnam's Bach Ho crude oil for the 130,000-barrel-a-day Dung Quat refinery, which is Vietnam's sole oil-processing plant, according to the company's statement.

Petrovietnam agreed to purchase oil from SOCAR between 2014 and 2016.

SOCAR is the only producer of oil products in Azerbaijan, and also has petroleum stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

SOCAR is the co-owner of the biggest Turkish petrochemical complex "Petkim".

Together with foreign partners, SOCAR participates in big projects such as the development of the Azeri-Chirag-Guneshli block of oil and gas fields and the Shah Deniz condensate field in the Caspian Sea.

SOCAR includes Azneft (companies producing oil and gas on land and sea), Azerkimya (chemical industry), Azerigas (gas distribution) production associations.

The State Oil Company also includes a number of processing enterprises, service enterprises, institutions engaged in geophysical and drilling activities.

In 2013 SOCAR exported 24.25 million tons of oil through Baku-Novorossiysk, Baku-Supsa and Baku-Tbilisi-Ceyhan export pipelines.

Follow us on Twitter @TRENDNewsAgency