Azerbaijan, Baku, Dec. 27 / Trend E.Ismayilov /
The entrance of the State Oil Company of the Azerbaijan Republic (SOCAR) to the Chinese market will help to diversify the sale of Azerbaijani oil Azeri Light, SOCAR Head Rovnag Abdullayev said on Monday.
He said the company has already sold Azeri Light around the world, including the Asian market. "China is a very big market and interesting for us," he said.
Earlier, SOCAR and Chinese Zhen Rong signed a Memorandum of Understanding on the supply of Azerbaijani oil to China. Abdullayev said the signed memorandum will allow to sell Azeri oil to the Chinese and Taiwanese markets.
Regarding the use of floating containers by the Singapore Representative Office, Abdullayev said it would allow to deliver large quantities of Azeri Light crude oil and sell on the market in small batches, which in turn means more diversification and income.
In December, 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.
SOCAR'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. This will involve leasing of storage tanks in Singapore.
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.