Azerbaijan, Baku, Dec.13 / Trend /
The State Oil Company of Azerbaijan (SOCAR) and Chinese Zhen Rong signed a Memorandum of Understanding on the supply of Azerbaijani oil to China, SOCAR report says.
The document was signed during the visit of SOCAR's delegation to China.
According to the report, during the visit to Singapore SOCAR and the Thai company PTT signed a Memorandum on the joint use of a floating oil tank. The implementation of this memorandum will create conditions for the diversification of the Azerbaijani oil supplies to the Asian market and will serve as the efficiency of Azerbaijan's oil exports. Signing of the document is the result of talks held between the sides.
The State Oil Company of the Azerbaijan Republic's trading department, SOCAR Trading, plans to expand its black oil and naphtha trade in Asia next year, SOCAR Trading Vice President Arzu Azimov said earlier.
SOCAR Trading plans to make its office in Singapore fully responsible for the development of crude oil trade in Asia, and to increase its market share at the expense of long-term contracts.
SOCAR Trading expanded its presence in Singapore due to the amount of oil supplies heading in the eastwards direction and the quantity of vessel fuel moving toward the world's largest bunkerage port.