SOCAR announces cost of selling oil terminal in UAE
Baku, Azerbaijan, June 14
By Maksim Tsurkov - Trend:
The cost of the sale of the share of the Azerbaijani state company SOCAR in the stock of the oil terminal in the port of Fujairah in the UAE (SOCAR Aurora Fujairah Terminal) to Australian ProStar Capital Company amounted to $47 million, according to the consolidated report on the financial activities of SOCAR last year, audited by Ernst&Young. The audit report was published on June 14.
According to the report, SOCAR signed on December 27, 2017 an agreement on the sale of a 50-percent share of the property and accounts receivable of the joint venture SOCAR Aurora Fujairah Terminal in a total amount of 80 million manats ($47 million).
The deal was closed on January 10, 2018.
SOCAR Aurora Fujairah Terminal, located in the Gulf of Oman on the east coast of the UAE, was a joint venture established by SOCAR, the Swiss trading house Aurora Progress SA and the Government of Fujairah.
The terminal consists of 14 tanks with a total capacity of 352,000 cubic meters. Currently, 12 more tanks with a capacity of 315,000 cubic meters are being built.