SOCAR buys fuel oil from India’s Essar
Azerbaijan, Baku, Feb.2 / Trend A.Badalova/
The State Oil Company of Azerbaijan (SOCAR) bought fuel oil for loading in February from Essar Oil Ltd. (ESOIL), which is the owner of India's non-state second-largest refinery, Bloomberg reported with the reference to two traders who. They declined to be identified because they aren't authorized to speak with the media.
The volume of bought fuel oil amounts to 60,000 tons or 76,000 to 80,000 tons and will be loaded on February 23-27 from Vadinar port (West Coast of India). The price will be with the premium of about $11 to $12 a ton to Middle East prices.
SOCAR carries out oil trade in various regions of the world under the banner of SOCAR Trading.
The company has made its office in Singapore fully responsible for the development of trade with crude oil in Asia, including increasing its market share at the expense of long-term contracts.
During 2011 SOCAR Trading has continued to grow fast and has further consolidated its position and presence in global trading markets, achieving significant further progress towards its main goals, which include the optimisation of SOCAR system crude marketing, diversifying into third-party volume trading, and assisting the SOCAR group in its international expansion strategy.