SOCAR Trading open to discussions on obtaining crude from two Russian oilfields

SOCAR Trading open to discussions on obtaining crude from two Russian oilfields

Baku, Azerbaijan, Nov.10

Trend:

Azerbaijan’s state oil company SOCAR plans to supply its new refinery in Turkey with oil from different producers in Europe, the Black Sea region and the Gulf, SOCAR Trading told Reuters.

“Initial consumption (of oil) will be 100,000 barrels per day with a further increase to 215,000 bpd,” said the company.

“SOCAR Trading will supply oil (to STAR) from different producers at ports in the Mediterranean, Black Sea and Persian Gulf, as well as from Russian company Rosneft.”

SOCAR Trading had secured contracts to buy А-92 grade gasoline from producers in Russia, Switzerland and Turkmenistan due to planned maintenance at Heydar Aliyev oil refinery in Baku.

The company said oil was still “playing a central role” in the firm’s trading strategy, having a 50 percent share in its portfolio.

SOCAR Trading had decided to reduce the share of fuel oil - recently at 30 percent - in its trading portfolio.

“The strategic decision has been made, but it will start to reflect on figures in 2019.”

SOCAR Trading said it was open to discussions on obtaining crude from Russia’s Filanovsky and Rakushechnoye oilfields in the Caspian Sea operated by Russian company Lukoil , with shipment via the Baku-Tbilisi-Ceyhan pipeline.

“We are ready for dialogue on these oilfields and don’t see any problems from a technical viewpoint on getting these oil flows.”

SOCAR Trading said it would soon start selling polypropylene and low-pressure polyethylene from SOCAR’s polymer plant, which started operating in August.

The opening ceremony of the Star oil refinery took place on October 19 in Izmir, Turkey, with the participation of President of Azerbaijan Ilham Aliyev and President of Turkey Recep Tayyip Erdogan.

The total refining capacity of the refinery will be 10 million tons, and Azerbaijan’s state oil company SOCAR is the main supplier of crude for the refinery. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.

The refinery worth $6.3 billion, built by SOCAR in the Aliaga District of Izmir, will produce 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur.

SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.

Subscribe to Trend in Google News! Subscribe
Cavushoglu, Blinken discuss situation in Azerbaijan and Armenia
Cavushoglu, Blinken discuss situation in Azerbaijan and Armenia
1st US case of COVID-19 omicron variant identified - Fauci
1st US case of COVID-19 omicron variant identified - Fauci
Tesla dominates as EV sales take off in Israel
Tesla dominates as EV sales take off in Israel
Loading Bars
Latest
World Bank backs using $280 mln in frozen aid funds for Afghanistan
Cavushoglu, Blinken discuss situation in Azerbaijan and Armenia
Alec Baldwin on fatal movie set shooting; ‘I didn't pull the trigger’
Afghanistan's GDP likely to drop 20 pct in one year: UN
UAE reports its first case of COVID-19 variant Omicron
Moderna exec says company could have Omicron booster ready in March
UN says international migration rose last year despite Covid-19 impact
Kyrgyz border service reports shots from Tajikistan
Bennett declares ‘Yamam’ Israel’s national counterterrorism force
Transport infrastructure in Karabakh to turn Azerbaijan into logistics hub between Central Asia and Europe – CAERC
Four injured after old WWII aircraft bomb explodes in Munich - police
1st US case of COVID-19 omicron variant identified - Fauci
OPEC can elect new secretary general in January 2022 — source
President Erdogan talks bilateral relations with Crown Prince of UAE
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Qatar Airways to launch flights to Uzbekistan from Jan 17, 2022
Iran military clashes with armed men on Afghan border
Armenia found itself in complete military-political isolation even within CSTO - Russian military expert
Net foreign assets in Azerbaijan grow for 10M2021
New geopolitical situation in region opens way for Azerbaijan’s further development - ambassador
Ambassador of Kazakhstan expresses condolences to Azerbaijan due to helicopter crash
Azerbaijan working on reconstruction railway line which is part of Zangazur corridor (PHOTO)
SOCAR’s STAR refinery tests numerous types of crude oil
Azerbaijan considering sending medical workers of Baku clinics to district hospitals
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,795 more COVID-19 cases, 1,967 recoveries
Azerbaijani National Depository Center opens tender to buy new generation security system
Georgia boosts honey exports
Solar PV growth to surpass wind in EU in 2021-2026
Servicemen injured in Azerbaijani helicopter crash talk about incident (PHOTO/VIDEO)
Turkmen company exports paper products to Uzbekistan, Turkey
Iranian companies express readiness to restore factories in Syria - minister
Azerbaijani, Armenian FMs to meet in Sweden
President Ilham Aliyev receives EU Special Representative for South Caucasus (PHOTO/VIDEO)
US Marshall Legacy Institute sends eight more mine detection dogs to Azerbaijan (PHOTO)
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijani agency shares data for mine detection, clearing work in liberated territories
Central Bank of Azerbaijan opens tender to insure fixed assets
Azerbaijan’s 10M2021 oil exports to Spain revealed
Uzbek Statistics Committee shares data on volume of retail trade turnover
Georgian medics advise reconsidering COVID-19 passports issuance
Overview of Uzbekistan's volume of wholesale trade turnover dynamics between 2010-2020
Price indexes of construction, trade sectors at Uzbek stock exchange fall
Georgia, IMF discuss new co-op program
Prices for goods and services in consumer market of Uzbekistan rise
Turkey’s diesel fuel exports to Georgia down
Georgia, NATO discuss further co-op and Black Sea security
Iran bans import of musical instruments due to lack of foreign exchange resources
Turkmen ministry prolongs tender for supply of metal blanks
IRENEX shares data on sales of Tabriz Oil Refining Company
Activities in Iran’s Imam Khomeini port down
Star Refinery satisfies about quarter of Turkey's refined petroleum product needs - CEO
Kazakhstan’s oil and gas company opens tender to supply fittings
Mobile phones rank first in Iran’s total imports - IRICA
Turkmenistan’s education ministry extends tender for setting drip irrigation system
Oil minister tells president, parliament that Iran's oil exports 'significantly grow'
Azerbaijan, Pakistan talk prospects for development of military co-op (PHOTO)
Azerbaijan's SOCAR Polymer exports increase over 10M2021
Iran unveils volume of dates export
Iran’s CBI reveals data on balance of bank loans
EU to exceed current renewable capacity plans for 2030
Azerbaijan reveals oil exports to Italy in 10M2021
Azerbaijan shares data on oil export to Croatia in 10M2021
Baku Metro provides ‘November 8’ station with backup power supply (Exclusive) (PHOTO)
Renewable electricity generation to exceed average annual growth rate of 2015-2020
Expansion of bioenergy for power capacity to slow down
Renewable energy capacity to expand by 2026, says IEA
Azerbaijan talks ongoing work to provide electricity to liberated Lachin district
Special representative of Azerbaijan's President in liberated territories within Karabakh economic region appointed
German Ambassador expresses condolences to Azerbaijan over deadly helicopter crash
Iran, Syria sign four cooperation agreements
Iran to invest in Syrian industrial towns
Austria extends COVID-19 lockdown by 10 days
Branch of Azerbaijan’s Balakhani Operating Company opens tender to buy pipes, pumps
Baku electric company opens tender to buy materials for lamp posts repair
Organization of social zone of Aghdam Industrial Park completes in Azerbaijan – minister
Deputy Prime Ministers of Azerbaijan, Armenia and Russia to meet in Moscow today
Azerbaijan’s Azerishig opens tender for reconstruction of substation in Sumgayit
Kazakhstan increases trade with India over 9M2021
Nar continues to grow IT professionals (PHOTO)
India provides medical, humanitarian aid to over 150 countries to deal with COVID-19: MEA
Georgia receives COVID-19 support grant from German Development Bank
Turkey-Azerbaijan trade turnover grows in October 2021
Kazakhstan reports increase in maritime transport volumes
SOCAR Petroleum to open new petrol station in Azerbaijan’s Gubadli district
SOCAR Georgia Gas increases gas tariffs
Iran reveals COVID-19 data for December 1
Azerbaijan discloses data on oil exports to Israel
Georgian cities receive EU grant for cultural development
Saudi Arabia reports first Omicron case coming from north Africa
Georgian FM expresses condolences for lives lost in crash of military helicopter
PMO records increase in cargo movements in Iranian ports
Turkey’s BOTAS increases gas imports
Hungary launches Stipendium Hungaricum scholarship programm
Russia working out celebration program for 30th anniversary of ties with Azerbaijan - MFA
Burial ceremony of Azerbaijani helicopter crash victims held in second Alley of Martyrs (PHOTO/VIDEO)
Georgian Embassy expresses condolences to Azerbaijan on helicopter crash
Iran to prepare budget bill with highest economic growth estimates - President Raisi
Construction and installation work under completion at Azerbaijan’s Khojasan metro station (PHOTO)
Dynamics of OPEC+ production in 2021-2023
All news