SOCAR Announces Tender to Sell Oil Consignment from Novorossiysk

Oil&Gas Materials 23 February 2007 15:54 (UTC +04:00)

Azerbaijan , Baku /corr Trend S.Aliyev / The Marketing and Economic Relationships Department of the State Oil Company of Azerbaijan ( SOCAR) announced a tender on the sale of an oil consignment at a volume of 450 mln barrels (60,000 tons) from the Russian Port of Novorossiysk .

The oil consignment is expected to be shipped on March 15-16. The results of the tender will be announced on 28 February.

This is oil that SOCAR produces from its own fields and the oil lifted by joint ventures and operating companies.

In February SOCAR shipped an oil cargo of 450,000 barrels from the Novorossiysk Port.

Cut in transportation of SOCAR oil via Baku- Novorossiysk is justified through the issue that the oil is sent to the oil refineries to produce fuel for the electric power stations. This year has stopped import of Russian gas, which was used at power stations for generating fuel.

In 2006, SOCAR shipped 1,172 mln tons of oil from the Port at Novorossiysk . In 2005, this indicator was 1,631mln tons.