Azerbaijan, Baku, June 3 / Trend , E. Ismayilov/
SOCAR will study possibility of using capacity of South Korean terminals to store oil, senior SOCAR official said.
"No agreement has been reached yet. This issue is being examined at the moment," the SOCAR official said. "There is no free capacity in South Korean terminals at the moment. But SOCAR is studying possibility of obtaining free capacity to store oil." The source did not divulge what capacity SOCAR plans to obtain.
If agreement is reached to store large consignment of oil, SOCAR Trading, office of the SOCAR trading company, will obtain, store, distribute and sell oil in Southeast Asia, a source said.
If no agreement is reached, the office will deal with supply of large consignment of Azerbaijani oil from Ceyhan to Southeast Asia.
Singapore office of Socar Trading was opened in an effort to maximize export earnings by reducing shipment to islands in Southeast Asia. Oil will be supplied to the region by large shipments. "And then, the Singapore office will continue to do small and medium-sized wholesale in Southeast Asia."
The main task of the two offices of SOCAR trading company (Geneva and Singapore) is not only the sale of Azeri oil, and those members of the consortium who are willing to use the services of the company, but also the transformation of these offices into full trading companies.
SOCAR aims to increase profits of the afore-said offices from trade of oil of third countries. Oil of third countries has not been shipped yet. Negotiations are underway with several companies from different countries South America, Europe, Africa and Southeast Asia.
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