SOCAR temporarily suspends export of oil products in new direction

Business Materials 3 July 2015 14:19 (UTC +04:00)

Baku, Azerbaijan, July 3

By Maksim Tsurkov - Trend:

The SOCAR company (State Oil Company of Azerbaijan) has suspended export of oil products by transit through the territory of Russia, a source on the energy market of the country told Trend July 2.

Suspension of export is only a temporary phenomenon, according to the source.

"There are certain objective reasons for that," he said. "Export of oil products through Russia will continue in the second half of 2015."

There are several routes via which petroleum products are exported through Russia. Some of them are transported through the port of Azov in the Sea of ​​Azov. Another part is transported via the more northern routes, including the route via the Baltic Sea.

At present, about 46,000 metric tons of petroleum products have already been exported through Russia.

The State Oil Company of Azerbaijan (SOCAR) exported 595,540 metric tons of petroleum products in January-June 2015, or 5.7 percent more than in the same period of 2014.

The company exported 1.2 million metric tons of petroleum products in 2014, compared to nearly 1.05 million metric tons in 2013.

Previously, petroleum products in Azerbaijan were produced at two refineries in Baku. Both of these refineries were included in SOCAR, which annually processes around 7 million metric tons of oil produced at onshore and offshore fields with its own funds.

However, SOCAR announced about liquidation of Azneftyag oil refinery and its merger with Baku Oil Refinery named after Heydar Aliyev in December 2014.

The major part of Azerbaijani petroleum products is exported to Georgia.

Edited by CN


Follow the author on Twitter: @MaksimTsurkov