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Ukrtransnafta puts up Azerbaijani oil for trade at UEEX

Oil&Gas Materials 13 July 2017 17:25 (UTC +04:00)

Baku, Azerbaijan, July 13

By Maksim Tsurkov – Trend:

PJSC Ukrtransnafta, operator of Ukraine’s oil transportation system, offered 5,000 tons of Azerbaijan’s Azeri Light oil on the electronic platform of the Ukrainian Energy Exchange (UEEX) in differential mode, said the UEEX in a message.

Oil is sold under FCA terms from the Kagamlykskaya railway station (Kremenchug refinery) with a 100-percent prepayment.

Oil shipment will be carried out from July 19 to August 10.

The purchase and sale contract should be signed until July 14.

Ukrtransnafta resumed the operation of the oil pipeline from Odessa to Kremenchug on March 10 and started the transportation of Azeri Light oil to the Kremenchug refinery. The agreement, signed in late 2016, envisages the transportation of at least 1.3 million tons of Azeri Light oil to the Kremenchug refinery in 2017.

The Kremenchug refinery has been processing Azeri Light oil since December 2016. Earlier, oil was delivered to the refinery via railway.

Azerbaijan produced more than seven million tons of light oil in 1Q17 as compared to eight million tons in January-March 2016. Azeri Light oil is produced at Azerbaijan’s Azeri-Chirag-Gunashli block of oil and gas fields.

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Follow the author on Twitter: @MaksimTsurkov

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