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Korea to Take Azerbaijan Oil to Storage

At the end of last week Baku saw the signing of the contract for oil storage in the terminals in Korea between the Azerbaijan state oil company SOCAR Trading and KNOC (Korean National Oil Corporation), the statement of the state oil company of Azerbaijan says.

According to the terms of the agreement SOCAR Trading obtains the possibility to store 5.3 million barrels of oil during a two-year period in the Korean terminals, after which the agreement may be prolonged for another year.

As the head of SOCAR Trading Valery Golovushkin said earlier in the following five years the company is planning to increase the oil products and crude oil sales volume thrice with the aim of reaching the level of such large-scale companies as Trafigura и Gunvor.

Also according to him the Azerbaijan oil company may purchase the block of oil refining assets to be able to join the leading players of the global market which carry on business on all continents.

The turnover of SOCAR Trading in 2010 comprised about 19 billion American dollars.

At present about 80% of Azeri Light oil is produced by the company in the Azerbaijan sector of the Caspian Sea (Azeri–Chirag–Guneshli complex).

Due to the fact that oil production in these fields is at its peak at present – about 1 million barrels a day – SOCAR Trading representatives forecast that the future increase n transactions will be connected with the ‘black gold’ third party trading in Canada, the USA, Asia, Africa and Europe. Last year the oil third party trading comprised 37% of the Azerbaijan company business however in 2011 this parameter must grow.

The state company of Azerbaijan carries out the construction of a terminal for storing oil in the territory of the United Arab Emirates in the port of Fujairah which after putting it in operation this October is to become the main platform for increasing the company’s activities in the oil trading sphere.

The Singapore trading department of SOCAR Trading assumed a full responsibility for the Asian crude oil trading market among other things for increasing its share of the regional market by means of signing long-term contracts.

The Azerbaijan company market representation in the Asian region is also attained by means of providing oil storage objects, delivering marine fuel to Singapore which is the world’s largest bunkering harbour as well as arbitrage delivery of fuel oil from Western countries to the countries of the East.

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