SOCAR: Asia has greater need for Azerbaijani oil

Oil&Gas Materials 21 September 2011 16:25

Azerbaijan, Baku, Sept.21 / Trend, E. Ismayilov /

With the construction of new oil refineries in Asia, Asian refiners need more high-quality oil such as Azeri Light, a senior SOCAR representative said on Wednesday.

He said SOCAR annually sells several millions of tons of oil to China and India.

"With the completion of construction of a new refinery in India, capable of refining 50 million tons of oil per year using new equipment, refining depth increases, which allows owner companies of the plant to pay for high-quality oil more than ever before," SOCAR representative said.

He said respectively, the total cost of oil products received from a particular oil sort is increasing, and therefore competitiveness of Asian oil refiners increases.