SOCAR Trading put into operation first part of new terminal in UAE
SOCAR Trading will get the first oil products on the new terminal Fujairah in the United Arab Emirates in the two coming weeks, says official statement of the company.
The first stage of construction is completed on the Fujairah terminal and it is ready to work. Capacity of the terminal is 114,000 cub.m. or about 640,000 barrels of oil.
"The first part of black oil for the Fujairah terminal is currently on its way," said Christian von Langermann, representative of SOCAR Trading in Dubai.
* On May 19, 2010 SOCAR and Swiss-based Aurora Progress trade house, which was established in 1978, found an agreement on cooperation in field of development of oil storages, including terminal for storage of oil products in Fujairah port in UAE, which is under construction.
The independent operator of the terminal, which offers infrastructure to the third parties, will be SOCAR Aurora Fujairah Terminal, which was founded by SOCAR Trading (Switzerland) and Aurora Progress.
Fujairah Terminal consists of 20 reservoirs with total capacity of 641,000 cub.m. The first part of the terminal was planned to be put into operation in early 2011.
* SOCAR Trading has been operating in Geneva since February 2008. The company's web site says that it is an international division of marketing and development of the State Oil Company of Azerbaijan (SOCAR) and is created to solve three strategic goals:
- to sell SOCAR's oil at the world market;
- to develop trade activities of the third parties (trading of oil and oil products of the third parties);
- to help SOCAR in the global development strategy.
In September 2009 SOCAR Trading created SOCAR Trading Singapore daughter company and in April 2010 it opened its subdivision in Vietnam. At present the company has offices also in Nigeria, USA, Egypt, Ukraine, Czech Republic, India and South Korea.