Azerbaijan, Baku, Feb. 24 / Trend A.Badalova /
Socar Trading, which is a subdivision of the State Oil Company of Azerbaijan (SOCAR) increased the volume of sales by more than 50 percent in 2011, Reuters reported with the reference to Socar Trading head Valery Golovushkin.
"It was roughly $30-$35 billion. We have not closed the accounts yet, so I can not say exactly," he said.
According to Golovushkin, sales volume amounted to $19 billion in 2010.
During the sectoral conference in London Golovushkin said that the company is negotiating with the bankrupt Swiss Petroplus Refining to purchase refining assets.
He stressed that the company would like to expand all over the world, however, Europe is the most attractive for oil refining.
"We are seriously looking for any opportunity that can provide a synergistic effect. We are in talks with Petroplus and others," he said.
According to Golovushkin, Socar Trading started to sell third parties' oil, including oil from West Africa, but Azerbaijani oil remains the main product for the company.
"We are quite satisfied with Azerbaijani oil. Azerbaijani oil export amounts to about one million barrels (per day), and we do not expect big changes. Our exports make just over half of that amount," Golovushkin said.
Socar Trading is marketing about 80 percent of Azeri Light crude from the block of Azeri-Chirag-Guneshli fields in the Azerbaijani section of the Caspian Sea.
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.