Azerbaijan, Baku, Dec.13 / Trend E. Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) plans to commission an oil terminal at the Fujairah Port in the UAE within 18 months, a senior SOCAR official said.
"I think we will finish the construction work in half a year," the source said.
According to the company official, the construction is underway. At present, a 50-percent share in the terminal is owned by SOCAR Trading jointly with the Aurora Progress trading house.
SOCAR and the Swiss-based Aurora Progress reached a cooperation agreement in May to develop oil storage tanks, including an oil product storage terminal.
SOCAR is represented by SOCAR Trading.
The terminal will have a capacity of 641,000 cubic meters and 20 reservoirs. It will also have the capacity to pump petrol, naphtha, middle distillates and other oil products.
SOCAR Aurora will serve as an independent operator of the terminal, offering infrastructure capacity to third parties.
This year, a large number of berthing points for receiving and loading tankers will be put into operation at the Fujairah Port.