Economy

SOCAR expanding presence in Black Sea

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Azerbaijan’s state oil company SOCAR is expanding its presence in the Black Sea by having established supplies of Russian fuel oil from the Black Sea port of Novorossiysk, sources in Azerbaijan’s oil and gas market told Trend.

SOCAR Trading, a subsidiary of SOCAR, shipped at least three cargoes of fuel oil from Novorossiysk in February, according to the sources.

“Two cargoes were purchased directly from Russia’s Rosneft oil company, one from Adamas trader,” the sources added. “One cargo was sent to Malta. It is also expected that SOCAR will supply one cargo of Russian fuel oil from Rotterdam to Singapore in March.”

In January 2018, SOCAR signed a deal with the Vienna-based Cetracore Energy oil trading company and its shareholder, Russia’s Rosneft oil company and started to export Russian oil products from the Black Sea port of Tuapse city.

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