SOCAR to resume export of oil products via new route in 2016

Oil&Gas Materials 5 October 2015 20:06 (UTC +04:00)

Baku, Azerbaijan, Oct. 5

By Maksim Tsurkov - Trend:

SOCAR (State Oil Company of Azerbaijan) intends to resume export of oil products by transit through the territory of Russia in 2016, a source in SOCAR told Trend Oct. 5.

It is not expected to continue supplying oil products via Russia till late 2015, a statement said.

"As of 2015, SOCAR has already completed supplying oil products by transit through Russia, as its main export routes are fully working," the statement said. "The previous supplies were made as part of diversification of export routes and tested a new route. SOCAR was pleased with the results. The route is working. There are buyers. Therefore, SOCAR intends to continue supplying via this route in 2016."

As of today, SOCAR exported 46,000 metric tons of oil products by transit through Russia.
Oil products were exported via Russia through several routes. Some of them were transported through the port of Azov in the Sea of Azov and via the northern routes, including through the Baltic Sea.

The State Oil Company of Azerbaijan (SOCAR) exported 885,756 metric tons of petroleum products in January-September 2015, or 2.81 percent more than in the same period of 2014.
The company exported 1.2 million metric tons of petroleum products in 2014, compared to 1.05 million metric tons in 2013.

Previously, petroleum products in Azerbaijan were produced at two refineries in Baku. Both of these refineries were included in SOCAR, which annually processes around 7 million metric tons of oil produced at onshore and offshore fields with its own funds.

However, SOCAR announced the liquidation of Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery in December 2014.

The major part of Azerbaijani petroleum products is exported to Georgia.

Edited by CN

follow the author on Twitter: @MaksimTsurkov