Baku News

30 April 2007 [16:58] - APA News - 2007 will be a turning point for the State Oil Company of Azerbaijan (SOCAR). The company has unveiled its long-term plans to penetrate abroad. SOCAR will establish a direct sales office in London by this year's end. Vice-President Elshad Nasirov says the process of tax, administrative and staff issues are under way. "Registration process doesn't take long time," he added. The state-owned company also intends to open an office in Greece. The aim of establishing representative offices abroad is to penetrate the international market. The group has already opened its offices in Georgia and Romania. Besides, SOCAR purchased Kulevi Terminal on the Black Sea (Georgia) to expand oil shipments. The company president Rovnag Abdullayev says they have received favorable syndicated loans from the international banks for reconstruction works in the terminal. "We are deeply interested in Georgia’s market. Kulevi Terminal will open our way to the Black Sea," says Abdullayev." "We plan to start operations at the terminal in the second quarter. The annual capacity of 10 million tons in the first phase, and reaching 20 million tons per year later," he underscores. The company will also build a refinery at Kulevi. The capacity of the refinery will be 5 million to 10 million tons of oil annually. Some 300 hectares will be allotted to the construction. Azerbaijan is supplying 75% of Georgia’s oil imports. New refinery in Georgia will reduce transport expenses and cost price of oil products.