ID :
202387
Fri, 08/19/2011 - 18:49
Auther :
Shortlink :
https://oananews.org//node/202387
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SOCAR signs agreement to store oil at terminals in Korea
2011.08.19 19:43
Azerbaijan, Baku, Aug. 19 /Trend/
SOCAR Trading (trading subsidiary of the State Oil Company of Azerbaijan) and the Korea National Oil Corporation (KNOC) signed an agreement in Baku on Friday for the storage of oil at terminals in Korea, said a statement released by SOCAR.
Under the agreement, SOCAR Trading gains an opportunity to store 5.3 million barrels oil at the terminals in Korea for two years, with a possibility of extension for another year.
President and chief executive of SOCAR Trading Valery Golovushkin said earlier that the company intends to triple the volume of sales of crude oil and oil products over the next five years and become a player in the market like the companies such as Gunvor and Trafigura.
Also, he said, the company may acquire refining assets in order to join leading global players with operations in all continents.
Socar Trading made a turnover of $19 billion in 2010.
Socar Trading is marketing about 80 percent of Azeri Light crude from the block of Azeri-Chirag-Guneshli fields in the Azerbaijani section of the Caspian Sea.
But as crude production from the fields has peaked at around one million barrels per day, the future growth of operations of Socar Trading will come from trading oil of third parties with oil sales going to Asia, Europe, Africa, the United States and Canada. 37 percent of Socar's activity came from third party volumes in 2010 and it should increase this year.
Socar Trading is building an oil storage terminal at the United Arab Emirates port of Fujairah and it would be the key foothold for the company to expand its trading activity when it started operating in October 2011.
The company has made its office in Singapore fully responsible for the development of trade with crude oil in Asia, including increasing its market share at the expense of long-term contracts.
The presence of Socar Trading in this region is also expanded due to the arbitrage supply of fuel oil from West to East, the supply of ships fuel to Singapore - the largest bunkering port in the world, and by ensuring that facilities storing oil.
Azerbaijan, Baku, Aug. 19 /Trend/
SOCAR Trading (trading subsidiary of the State Oil Company of Azerbaijan) and the Korea National Oil Corporation (KNOC) signed an agreement in Baku on Friday for the storage of oil at terminals in Korea, said a statement released by SOCAR.
Under the agreement, SOCAR Trading gains an opportunity to store 5.3 million barrels oil at the terminals in Korea for two years, with a possibility of extension for another year.
President and chief executive of SOCAR Trading Valery Golovushkin said earlier that the company intends to triple the volume of sales of crude oil and oil products over the next five years and become a player in the market like the companies such as Gunvor and Trafigura.
Also, he said, the company may acquire refining assets in order to join leading global players with operations in all continents.
Socar Trading made a turnover of $19 billion in 2010.
Socar Trading is marketing about 80 percent of Azeri Light crude from the block of Azeri-Chirag-Guneshli fields in the Azerbaijani section of the Caspian Sea.
But as crude production from the fields has peaked at around one million barrels per day, the future growth of operations of Socar Trading will come from trading oil of third parties with oil sales going to Asia, Europe, Africa, the United States and Canada. 37 percent of Socar's activity came from third party volumes in 2010 and it should increase this year.
Socar Trading is building an oil storage terminal at the United Arab Emirates port of Fujairah and it would be the key foothold for the company to expand its trading activity when it started operating in October 2011.
The company has made its office in Singapore fully responsible for the development of trade with crude oil in Asia, including increasing its market share at the expense of long-term contracts.
The presence of Socar Trading in this region is also expanded due to the arbitrage supply of fuel oil from West to East, the supply of ships fuel to Singapore - the largest bunkering port in the world, and by ensuring that facilities storing oil.
