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Italy - main oil buyer from Azerbaijan

Business Materials 10 April 2015 17:33 (UTC +04:00)
Italy, which received 23 percent of the total oil export, became the main buyer of oil produced in Azerbaijan in 2014
Italy - main oil buyer from Azerbaijan

Baku, Azerbaijan, Apr. 10

By Maksim Tsurkov - Trend:

Italy, which received 23 percent of the total oil export, became the main buyer of oil produced in Azerbaijan in 2014, Manager of Marketing and Economic Operations Department of SOCAR (State Oil Company of Azerbaijan) Adil Abushev said.

He made the remarks Apr.10 within the 8th Caspian Oil and Gas Trading and Transportation Conference in Baku. The conference is held with support from Azerbaijan's state oil company SOCAR, and organizational assistance of the Baku Higher Oil School, the Azerbaijan State Oil Academy, and British Confidence Capital.

Abushev said that in recent years the scope of Azerbaijani oil supplies was greatly expanded.

"Currently, SOCAR supplies oil from Azerbaijan to about 30 countries in Europe, Asia and America," said Abushev. "If ten years ago, only 10-15 percent of Azerbaijani oil was supplied beyond the Mediterranean, now this figure rose to 45 percent. In total in 2014, the overall volume of export of Azerbaijani oil was 35.2 million metric tons. Italy (23 percent), Germany (11 percent) and France (9 percent) are among its major European importers."

He said that SOCAR's share in total volume of export of Azerbaijani oil is about 70 percent, adding that the export of Azerbaijani oil to Asia has also increased.

"The Asia region accounts for 20 percent of total oil export of SOCAR," he said. "In addition, the volume of supplies of oil products to Georgia, the share of which now accounts for 12 percent of total volume of export of oil products, has increased."

Follow the author on Twitter: @MaksimTsurkov

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