Friday, April 8, 2011

SOCAR Trading begins selling Nigerian oil

Azerbaijan, Baku,

SOCAR Trading company (a subsidiary of SOCAR) signed the agreement on oil sale on the world markets with Nigerian NNPC company, SOCAR said.
NNPC has chosen SOCAR Trading to sell 30,000 barrels of oil per day during this year.

The contract was signed for one year. It will come into force from May 1.

A representation of SOCAR Trading in Nigeria has been operating since 2009.

SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010.

SOCAR and foreign partners are involved in such major projects as the development of the block of oil and gas fields "Azeri-Chirag-Guneshli" and Shah Deniz gas condensate field in the Caspian Sea.

SOCAR includes Azneft production association (the companies producing oil and gas onshore and offshore), "Azerkimya" industrial association (chemical enterprises), Azerigaz industrial association (gas distribution).

SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia and Ukraine. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim.

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