SOCAR to Export Oil Consignment via Northern Route in March 2007

Oil&Gas Materials 20 February 2007 15:24 (UTC +04:00)

The State Oil Company of Azerbaijan (SOCAR) has plans to ship, within the next few months, an oil consignment at a volume of 60,000 tons from the Russian Black Sea Port of Novorossiysk in March, 2007, a source in SOCAR has informed Trend today.

A portion of the oil will be SOCAR's own oil produced from its own fields. The balance will be the oil produced by joint-stock ventures and operating companies working within the country.

Virtually the whole oil produced by SOCAR is currently sent to Baku oil refinery plants to produce fuel for heat electric power stations to generate electric energy. The reason for this is the fact that Azerbaijan has recently held up the import of gas, which is used at the electric power stations as fuel to generate electric power.

SOCAR has sold 60,000 tons of its own crude oil from Port of Novorossiysk in February 2007.

In 2006, SOCAR exported 1,172,000 tons of oil (1,631,000 tons of oil in 2005) via the Northern Route (Baku-Novorossiysk Pipeline).