The President of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev, said that the SOCAR intends to sign an agreement on purchase of the oil terminal Kulevi in Georgia, Trend reports.
According to him, from 2007, the Company will be a full owner of this facility. SOCAR plans to allocate huge investments for the development of the terminal, he said.
Presently construction work is being carried out in the territory of the terminal.
At the end of the 1st quarter of 2007, SOCAR will be able to transfer the first Azerbaijan oil to the terminal. All permits have already been received from the Government of Georgia for creating a complex on the coast of the Black Sea for refinery oil and organize the sale of the oil products to the countries of the Black Sea basin. Presently a feasibility study is being prepared, Abdullayev said.
The new terminal can receive tankers with capacity of more than 100 tons and transfer 10 mln tons of oil cargos annually at the first stage and 35 mln tons in the future.