SOCAR Trading continues its operations in Egypt
Azerbaijan, Baku, Feb.3 / Trend A. Badalova /
SOCAR Trading, a subsidiary of the State Oil Company of Azerbaijan (SOCAR) continues its operations in Egypt jointly with Egyptian General Petroleum Corporation (EGPC) and oil refinery Midor in Alexandria, the company's official website reported.
SOCAR Trading, based in Geneva, has delivered 1.0-1.5 million barrels of crude oil per month there since May last year.
Recent news publications suggested that SOCAR Trading's cooperation with Midor had been suspended due to recent events in the country. However, according to the company, these reports are based on a misunderstanding.
Deliveries of both Azerbaijani and third-party oil continue and it is expected that they will further continue.
At present, SOCAR Trading is closely monitoring the situation in close co-operation with its banking partners as well as its partners EGPC and Midor, and there is currently no reason to suggest that its existing operations will be affected, the company said.
The company also continues to look forward working with the Egyptian authorities to further enhance co-operation between the Republic of Azerbaijan and Egypt across the field of Energy.
In this context, SOCAR Trading is studying a number of concrete downstream and logistical projects.
SOCAR is the State Oil Company of Azerbaijan. In 2010, SOCAR oil and gas producing enterprises produced 7.28 million tons of oil and more than seven billion cubic meters of gas. Together with foreign partners SOCAR is involved in such major projects, as the development of the Azeri-Chirag-Guneshli oil and gas fields block and Shah Deniz gas field in the Caspian Sea.
SOCAR includes Production Association Azneft (enterprise for oil and gas production on land and sea), Production Association Azerkimya (enterprise on chemical industry) and Production Association Azerigaz (gas distribution). The State Oil Company is the only oil producer in the country (it has two oil refineries on its balance), and also owns gas stations in Azerbaijan, Georgia and Ukraine. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. SOCAR Trading Company is engaged on oil trade in various regions of the world through its trade unit.