SOCAR significantly increases export of oil
Baku, Azerbaijan, July 28
By Ilkin Shafiyev Trend:
Azerbaijani state oil company SOCAR exported 6.1 million tons of oil in April-June 2018, more than 18 percent higher than in the same period last year, a statement posted on the website of the state-owned company says.
SOCAR oil exports amounted to 2.1 million tons In June this year, which is 24 percent more than the indicator recorded in June 2017.
"The growth of participation share of SOCAR in the project for development of the block of fields "Azeri-Chirag-Guneshli" from 11.65% to 25% has resulted in growth of volumes of the crude oil exported by SOCAR. The increase in oil refining volumes in the second quarter of this year led to an increase in exports of petroleum products," the message quoted SOCAR Vice President for Investment and Marketing Elshad Nasirov as saying.
SOCAR exported 410,000 tons of oil products during the reporting period, which is 19 percent more than in 2017. The exports of diesel fuel increased by 48 percent in the second quarter, absolute isopropyl alcohol - by 69 percent, liquid pyrolysis resins - by 27 percent, propylene - by 30 percent, butylene-butadiene fraction - by 37 percent.
Oil products in Azerbaijan are manufactured at the Baku oil refinery named after Heydar Aliyev, which is a part of SOCAR.
A significant part of Azerbaijani oil products is exported to Georgia.
Follow the author on Twitter: @IlkinShafiyev