The State Oil Company of Azerbaijan (SOCAR) implemented the plans on maximization of export earnings from reduction of batches in islands and peninsulas of Southeast Asia, which is realized through trading company trading house Socar Trading S.A., Singapore.
SOCAR Vice President Elshad Nasirov said that SOCAR took on lease terminal capacities in Korea, which have already been used.
«We loaded some quantity of crude there (if I am not mistaken some 200,000 or 400,000 tons), and its storage in Korea results in optimization of our sales in Southeast Asia.
Terminals in South Korea are in demand (designed for 20 million – 22 million tons of crude storage capacities), and SOCAR does not have concrete arrangements with the owners of terminals so far. We got them in sublease under flexible floating volume. Now our quota totals about 200,000 tons,” E. Nasirov said.
At the same time, for the time being, the company could not launch implementation of oil of the third parties by this scheme.
«Now nobody enables us to store foreign oil, so we transport there our oil by large tankers, store the part partially in South Korea, and then we realize in Philippines, in Indonesia and others through SOCAR Trading Singapore,” E. Nasirov said.
The negotiations on lease of terminal capacities were launched in 2009.