SOCAR considers possibility of participating in European refineries
Azerbaijan, Baku, November 20 / Trend , E.Ismaylov, N.Ismayilova / In order to stabilize and increase the revenues of SOCAR (State Oil Company of Azerbaijan), the company is considering various options to acquire an oil refinery on the European market, the head of SOCAR Rovnag Abdullayev said on Nov. 20.
SOCAR is considering the possibility of buying a refinery in any of the European countries, since about 50 percent of Azeri Light crude is sold on the European market.
"This proposal on the participation of SOCAR in European refineries is the proposal of the plants themselves," said Abdullayev. After making the most beneficial option, cooperation will be established. This could be an acquisition of all or part of the share at the enterprise or a contract for the use of its facilities.
Earlier, media reported about the possibility of SOCAR's acquiring the share in the refinery in Europe. However, as noted by the head of SOCAR, it is not necessarily that it will be an Italian oil refinery.
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