Baku, Azerbaijan, Jan. 22
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR exported 20.7 million tons of oil in 2017, the company said in a message Jan. 22.
Oil refining and petrochemical products play an important role in the growth of SOCAR’s total revenues, according to the message.
“SOCAR exported 1.5 million tons of oil refining and petrochemical products from Azerbaijan in 2017,” the message said. “The main volumes of exported products accounted for diesel and aviation fuel, high-pressure polyethylene, coke, propylene, liquid gas and liquid pyrolysis resin.”
The positive dynamics of oil exports is caused by the increase in the volume of oil and gas trading operations of SOCAR. The demand for Azerbaijani oil in the world market over the past year has also been high.
In the world market, SOCAR represents Azerbaijani oil under the Azeri Light brand, which is considered to be one of the best quality varieties, SOCAR Vice President on Investments and Marketing Elshad Nasirov was quoted as saying in the message.
“Azeri Light’s entering the global oil markets namely as an independent brand has increased the value of our national wealth,” Nasirov said.
OPEC and several other non-OPEC producers, including Azerbaijan, reached an agreement to extend the oil production cut deal until the end of 2018. Azerbaijan fulfills its obligations under the agreement.
“The increase in oil prices, despite the reduction in production, had a positive impact on the revenues of SOCAR,” the message noted.