SOCAR to open first filling station in Azerbaijan in autumn

Oil&Gas Materials 5 June 2009 13:01 (UTC +04:00)

Azerbaijan, Baku, June 5 / Trend , E. Ismayilov/

SOCAR plans to put into operation nine filling stations in Azerbaijan under its own brand in autumn, senior SOCAR official said.

"Construction of nine filling stations has already begun. We plan to launch these stations in September or October, possibly on Day of Oil Men [September 20]," SOCAR representative said.

To open filling stations, SOCAR and AP Petroleum have launched SOCAR Petroleum joint venture. SOCAR holds 51 percent and A.P. İnternational LLC 49 percent of the venture. The company has authorized capital stock of $10 million which were invested by SOCAR. The joint venture will deal with distribution in Azerbaijan.

A source said 26 filling stations will be opened at an early stage under the development plan. More filling stations will be opened in future.

Another SOCAR representative said the joint venture already functions. The venture will build filling stations step-by-step via credit resources and its own funds.

Currently, SOCAR owns filling stations in Georgia, the number of which will reach 60 in the coming years.

SOCAR produces and refines oil in two refineries with total capacity of 20 million tons. Nearly 6-7 tons of oil is refined in SOCAR per year.

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