SOCAR Publicizes Date of First Oil Consignment to be Shipped from its Own Terminal in Georgia

Azerbaijan, Baku / Trend corr S. Aliyev / The first tanker with Azerbaijani oil will be dispatched from the new Georgian Black Sea terminal in Kulevi, owned by the State Oil Company of Azerbaijan Republic (SOCAR) in November, a SOCAR representative said on 15 October. He did not specify the volume of the consignment. The terminal is expected to be opened at the end of October. The oil consignment will be that of SOCAR.

This year SOCAR received a large syndicated line of credit for the construction of the Kulevi terminal. The gross amount of the line of credit totalled $301mln. The line of credit syndicate from 15 foreign banks was headed by Societe Generale. The line of credits are expected to be paid back by 2009.

At present the capacity of the terminal equals 9mln tons (2mln tons of crude oil, 3mln tons of diesel fuel and 4mln tons of black oil). The capacity of the reserve park of the terminal is 320,000 cu m. There are plans to increase the capacity of the terminal up to 20mln tons and the reserve part up to 380,000 cu m.

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