+44 207 394 30 90 (London)

Volume of SOCAR’s shipment via Georgian port disclosed

Main-Conference » News » Volume of SOCAR’s shipment via Georgian port…

Presently, Azerbaijan state oil company SOCAR is the major supplier of natural gas, oil and oil products to Georgia. SOCAR’s subsidiaries are engaged in expansion and modernization of the country’s gas distribution systems, and development of filling stations under SOCAR’s brand.

The company has an oil terminal in Georgia’s Kulevi Black Sea Port, which supplies Azerbaijani oil and oil products to the world markets.

SOCAR, which began transshipment of cargo through the oil terminal in Kulevi Port on May 16, 2008, has already shipped 21 million tons of oil products as of July 18, 2019, SOCAR said in a message.

The company also stated that approximately four million tons of crude oil has been shipped via this oil terminal and further expansion of the terminal capacity will depend on the volume of transported products.

SOCAR is implementing its operations in Georgia through SOCAR Georgia Petroleum, SOCAR Gas Export-Import, SOCAR Georgia Gas, SOCAR Georgia Gas Distribution, Black Sea Terminal and other subsidiaries.

Crude oil, fuel oil, diesel fuel, gas oil, methanol, jet fuel, propylene, liquid pyrolysis resin, naphtha, isopropyl alcohol, ultra-low sulfur diesel fuel, industrial oil, and condensate are shipped through the terminal in Kulevi Port.

SOCAR started its business activity in Georgia in 2006. In the same year, the company purchased the Kulevi oil terminal, which was put into operation in 2008, aimed at transportation of oil and oil products from Azerbaijan and Central Asia to western markets. Before the operation, the investment costs amounted to $233 million. Additional $96 million was invested in the terminal between 2008 and 2017.

Overall, SOCAR and its subsidiaries invested more than $1 billion in Georgia’s economy, and paid $1.25 billion in tax to the Georgian state budget in 2007-2017.

Georgia imported more than 39,397 tons of oil and oil products worth $21.34 million from Azerbaijan in January-March 2019. As for gas supplies, Georgia imported 718,171 cubic meters of natural gas worth $123.4 million from Azerbaijan during the reporting period.

Source: Azer News


EIA: This Week in Petroleum – 10 July 2019

Crude oil prices are forecast to remain relatively flat The U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $67 per barrel (b) in 2019 and in 2020. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $60/b in 2019 and $63/b in 2020. The forecast of relatively…

Peak Oil Review 8 July 2019

Quote of the Week “Those production gains came even as the rig count has continued to slide. Longer laterals and more intense fracking operations have led to years of soaring output. The problem for shale companies is that the profits have never really arrived. The downturn in oil prices since the fourth quarter of last…

Icebreaker Diplomacy: Russia’s New-Old Strategy to Dominate the Arctic

Russia’s Baltic Shipyard (St. Petersburg) held a grand ceremony, on May 25, to celebrate the launching of the nuclear-powered Project 22220 (LK-60Ya) icebreaker Ural (Geoenergetika.ru, May 27, 2019). Following the festivities, Russian Central Bank head Elvira Nabiullina stated that the event would be further commemorated by issuing a special coin hailing the new Project 22220…