SOCAR may increase capacity of Black Sea oil terminal in Georgia, UAE (UPDATE)

Details added (first version posted on 12:05)

Baku, Azerbaijan, Feb. 1

By Maksim Tsurkov - Trend:

SOCAR (State Oil Company of Azerbaijan) plans to increase the capacity of the Kulevi Black Sea oil terminal in Georgia, deputy head of the SOCAR Marketing and Economic Operations Department Maqsud Mahmudov said.

He made the remarks during the Azerbaijan-Indonesia energy forum taking place in Baku Feb. 1.

The terminal in Georgia's Kulevi was commissioned in May 2008 and the oil transshipment started in June of the same year. The total capacity of the terminal is 10 million tons of bulk-oil cargo per year, three million tons of oil, three million tons of diesel fuel and four million tons of fuel oil.

Mahmudov said that SOCAR provides more than half of the Georgian market of oil and oil products.

"The capacity of the terminal's tank farm is 320,000 cubic meters," said Mahmudov. "We plan to increase it to 380,000 cubic meters."

He said that the capacity of the SOCAR Trading terminal at the port of Fujairah in the United Arab Emirates will also be increased to 650,000 cubic meters (from the current 347,000 cubic meters).

SOCAR and Aurora Progress Trade House, which is based in Switzerland, reached an agreement on cooperation in the development of oil storage facilities, including providing a terminal for the storage of oil products in May 2010.

SOCAR AURORA Fujairah Terminal consists of 20 tanks and can handle fuel oils, gasoline, naphtha, middle distillates and other oil products.

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Follow the author on Twitter: @MaksimTsurkov

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