BAKU, Azerbaijan, Dec. 20
By Anastasia Savchenko - Trend:
Azerbaijan's State Oil Company SOCAR has entered into about 400 spot agreements, Ibrahim Ahmadov, deputy head of public relations and events department at the Azerbaijani State Oil Company (SOCAR), told Trend.
Ahmadov was commenting on agreements for the supply of oil and gas concluded in 2019.
According to Ahmadov, the bulk of contracts for the supply of oil and gas were concluded on a short-term basis.
"This year, the Vietnamese state oil refining and petrochemical company Binh Son Refining and Petrochemical Co. Ltd signed an agreement with SOCAR to purchase five million barrels of Azeri Light oil [about 700 million tons] in the first half of 2020," the deputy head of SOCAR's department said.
He added that this year SOCAR signed a one-year agreement with Indian companies such as Indian Oil Corporation and Bharat Petroleum for the supply of oil in the amount of one million barrels per month.
In 2020, when the agreement expires, there is likelihood that it will be extended, Ahmadov added.
Azerbaijan produces light oil (Azeri Light) on the block of Azeri-Chirag-Guneshli fields, on the CIF basis in the Italian port of Augusta, as well as Azeri Light oil on the FOB basis since 1997, which has been exported via the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines, as well as to the Georgian port of Batumi - by rail.
Azerbaijan also exports URALS oil from Russia’s Black Sea port of Novorossiysk. The oil is delivered there via the Baku-Novorossiysk pipeline.
Azeri Light brand oil is one of the highest quality and most popular oil grades in the world, due to its low sulfur content and light composition.
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