SOCAR's possible participation in European processing market should be carefully studied

Oil&Gas Materials 13 June 2011 18:39 (UTC +04:00)

Azerbaijan, Baku, June 13 / Trend E. Ismayilov /

The advisability of the processing capacities must be determined while considering possible participation of SOCAR in the processing market in Europe, a SOCAR's senior representative said.

He said that the desire of European refiners to sell their assets is mainly connected with the fact that they can not proportionally increase the prices on oil products given the observed rise in oil prices in the world. Refiners are forced to purchase oil at a high price, resulting in reduced margins.
That is why, the refineries have plans for selling assets.

"Then we also should think whether to do it or not," the source said.

In particular, we consider the possibility of participating in processing markets of Italy, Spain, Germany, Austria and other countries.