SOCAR increases oil product exports by 42%

Baku, Azerbaijan, June 2

By Maksim Tsurkov - Trend:

Azerbaijan's State Oil Company (SOCAR) exported 584,320 metric tons of oil products in January-May 2015 or by 42 percent more than in the same period of 2014, SOCAR said.

SOCAR exported 1.2 million metric tons of oil products in 2014 compared to about 1.05 million metric tons exported in 2013.

Earlier, oil products were produced at two Baku oil refineries. Both refineries belonged to SOCAR, which annually processes about seven million metric tons of oil, extracted from onshore and offshore fields with SOCAR's own funds.

SOCAR announced in December 2014 about closing the Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery.

A significant part of Azerbaijani oil products is exported to Georgia.

Below are the figures for oil product exports:

Edited by CN

Follow the author on Twitter: @MaksimTsurkov