SOCAR increased crude oil export by 18%


July 27, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) exported 6.1 million tons of crude oil in the 2nd quarter of 2018 that is by 18% more versus the same term of 2017.

In June 2018 crude oil export amounted to 2.1 million tons that is by 24% more against the same period of last year.

Export of petroleum products recorded an increase of 19%. In 2018 export of oil products exceeded 410,000 tons, while for April, May and June of 2017 about 350,000 tons of oil products were exported. During this period the export of diesel fuel increased by about 48%, isopropyl alcohol by 69%, liquid pyrolysis resin by 27%, propylene by 30%, and butylene-butadiene fraction by 37%.

Saying about positive dynamics of oil and petroleum product export, SOCAR vice president for investments & marketing Elshad Nasirov stressed that increase in SOCAR's share in the project of Azeri-Chirag-Guneshli oilfield block from 11.65% up to 25% increased the amount of crude oil exported by SOCAR.

In addition, a larger amount of processed crude oil in Q2 of 2018 compared to the same term of 2017 has led to an increase in the number of exported petroleum products.