PORTUGUESE COMPANY TO PURCHASE 1ST PORTION OF SOCAR OIL

15.07.2004 [22:57]
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According to information received by AzerTAj, the Portuguese Rocoil Company has become the purchaser of the first portion of oil (130,000 tons) out of a total of 260,000 tons to be exported by the State Oil Company of the Azerbaijan Republic (SOCAR) via the Baku-Novorossiysk northern pipeline in August.

The consignment will be loaded to tankers at the Novorossiysk port of Russia on August 15-16, SOCAR’s Marketing and Economic Operations Department said.

A tender will be announced later in July to determine the purchaser of the second portion of oil (130,000 tons).

Initially, SOCAR planned to export two portions of oil, 80,000 tons and 180,000 tons respectively. However, after the talks carried out with Russia’s Transneft, the company decided to export two portions of oil, 130,000 tons each.

In 2004 SOCAR plans to export 2,500,000 tons of oil through the Baku Novorossiysk pipeline, the same volume it exported in 2003. A ton of oil transported through the northern route costs $15.67, while that transported via the Baku-Supsa pipeline $3.

PORTUGUESE COMPANY TO PURCHASE 1ST PORTION OF SOCAR OIL

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