SOCAR Sells Oil Consignment from a Russian Port
Azerbaijan, Baku/ Trend corr S. Aliyev / The Department for Marketinmg
The oil consignment is expected to be shipped on 24-25 April. That will be the SOCAR oil, produced from its own deposits, as well as that produced by joint-stock companies and operating companies, which are engaged in oil production in Azerbaijan. The results of the tender will be announced on 27 March.
In January, SOCAR did not deliver its own oil via the Northern Route of Baku-Novorossiysk pipeline. In February and March, SOCAR shipped two oil consignments at a volume of 450,000 barrels each from the Novorossiysk Port.
The significant reduction by SOCAR to carry Azerbaijani oil via the Baku-Novorossiysk Pipeline is explained by the fact that the total volume of oil is virtually sent to Baku-based oil refinery plants to produce fuel for electric power stations operating in the country to generate energy. Azerbaijan has suspended it import of Russian gas this year, which was previously used at electric power stations as fuel to generate electric energy.
The following companies have bought SOCAR's oil consignments from Novorossiysk Port this year:
Glencore Energy UK Ltd - February (450.000 barrels);
REOC Ltd - March (450.000 barrels).