August 5, 2022 [Azernews] – Azerbaijan’s energy giant SOCAR plans to nearly double the capacity of SOCAR Trading terminal at the Fujairah port in the United Arab Emirates.
Maqsud Mahmudov, the deputy head of SOCAR Marketing and Economic Operations Department, said the capacity of SOCAR AURORA Fujairah Terminal will be brought up to 650,000 cubic meters from the current 347,000 cubic meters.
The facility, strategically located on the Indian Ocean side of the Straits of Hormuz, can handle fuel oils, gasoline, naphtha, middle distillates and other oil products. The Fujairah terminal is used by SOCAR Trading to support its trading activities in the Middle East region, by enabling the penetration of new markets in the Arabian Gulf and East Africa.
In addition to boosting the capacity of the Fujairah Terminal, SOCAR plans to increase the capacity of the Kulevi Black Sea oil terminal in Georgia.
“The capacity of the terminal’s tank farm is 320,000 cubic meters. We plan to increase it to 380,000 cubic meters,” Mahmudov said.
The terminal in Georgia’s Kulevi was commissioned in May 2008, while the oil transshipment started in June 2008. The total capacity of the terminal is 10 million tons of bulk-oil cargo per year, three million tons of oil, three million tons of diesel fuel and four million tons of fuel oil.
SOCAR’s announcement of boosting capacities in terminals operated by the company comes on the heels of SOCAR Trading’s announcement last week of its plan to boost its position in the market.
“We have a close eye on emerging markets where we might gain advantages,” SOCAR Trading executive director Arzu Azimov said in an interview with European Business. “China, India, Africa, these are only some examples. For instance, we are constantly working in Africa, participating in all tenders for exporting. We are always looking for opportunities to buy and sell.”
Azimov said that for 2016, SOCAR Trading is setting its goal for growth and gain on equity by generating new trading activities, searching the market and meeting potential customers and counterparties.
SOCAR Trading with headquarters in Geneva was created at the end of 2007 by SOCAR. It has trading offices in Singapore, Dubai and London and incorporated its fifth trading office in Calgary, Canada.
The field of activity of SOCAR Trading covers the countries of Europe, Asia and America. In late 2015, SOCAR Trading signed its $150 million Revolving Credit to realize its global growth strategy.
SOCAR Trading is active in oil products trading with its dedicated desks for light, middle, and heavy distillates trading 13 million metric tons in 2014. The light distillates desk trades gasoline, naphtha, LPG and condensates, middle distillates desk trades gasoil and ultra-low-sulfur-diesel (ULSD), while the heavy distillates desk trades fuel oil.
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