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Azeri SOCAR to expand in Asia

December 07/2010

(PSG) -- Socar Trading plans to expand its trading presence in Asia into fuel oil and naphtha next year. This would imply leasing storage capacities in Singapore.


The Azeri state-owned oil trader will also make its Singapore office fully responsible for developing its crude oil trading business in Asia, including increasing its market share, particularly via term contracts, Arzu Azimov, vice-president of trading and operations, said in an interview with Reuters.


The expansion will also see Socar Singapore arbitraging fuel oil from West to East and supplying marine fuels in the world"s largest bunkering port as well as securing oil storage facilities.


The company currently trades around 200,000 tonnes of fuel oil a month, mainly in the West, but plans to increase this volume by sourcing greater quantities of the residual fuel from refineries in the Mediterranean, Azimov said.


Socar earlier made an investment to build a 650,000 cubic metre oil storage terminal in the United Arab Emirates port of Fujairah, expected to be operational in about 18 months.


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