BAKU, Azerbaijan, March 18. India has nearly doubled its oil purchases from Azerbaijan, increasing them by approximately 1.8 times, while Thailand acquired over 327,000 tons of Azerbaijani from January through February 2024, Trend reports, referring to the State Customs Committee (SCC).
According to the committee's data, while in January-February 2023 India bought 322,662 tons of declared Azerbaijani oil for $202,000, its oil purchases surged in January-February 2024 to 574,400 tons, totaling $360,000.
An informed source told Trend that India is one of the largest consumers of Azerbaijani oil, along with Italy and Israel.
The State Oil Company of Azerbaijan Republic (SOCAR) has long-term commercial ties, in particular, with India's Reliance Industries Limited, which has the largest oil refineries in the country.
Currently, India is one of the largest buyers of oil from different countries in the world, and its economy is developing rapidly.
"Azerbaijan's top 5 oil buyers also include fast-growing Thailand. Given these trends, SOCAR Trading has strengthened its position in Asia," the source said.
Thailand purchased more than 327,000 tons of Azerbaijani oil worth $203.153 million from January through February 2024.