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Press release content from Accesswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Accesswire
Press release content from Accesswire. The AP news staff was not involved in its creation.

SOCAR Adds Another Feather to its Cap by Winning Bid for Turkmen Oil

December 16, 2020 GMT

BAKU, AZERBATJAN / ACCESSWIRE / December 16, 2020 / SOCAR Trading, the subsidiary of Azeri state energy company SOCAR, has succeeded in tendering for Eni Turkmenistan’s contract to purchase Turkmen oil, according to Report citing Argus Media ( https://report.az/en/energy/another-victory-socar-wins-tender-for-turkmen-oil-purchase/ ).

The company’s resulting portfolio saw the return of some share of Turkmenistan’s crude oil exported by Vitol since 2017. During the tender process, SOCAR Trading outbid such oil giants as ENOC, Vitol, Rosneft, Lukoil, and Trafigura.

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As market players see it, choosing SOCAR Trading as the winning bidder may ramp up the flow of Turkmen crude oil via the Baku-Tbilisi-Ceyhan (BTC) pipeline due to reduced shipments from Makhachkala railway station to Novorossiisk port.

Adnan Ahmadzade, Deputy Vice President of SOCAR, confirmed in a statement to Report that the deal had been reached.

It is reported that Eni Turkmenistan is planning to offload 30,000 - 40,000 tons of Okarem oil on a monthly basis in 2021.

From January to November 2020, Okarem oil exports increased up to 341,000 tons from 310,000 tons year over year.

Media contact

Company: SOCAR

Contact: Mamed Gasanov

Address: 121, Haydar Aliyev Avenue, Baku, AZ1029, The Republic of Azerbaijan

Phone: work +994 12 5210282

Fax: +994 12 5210383

Email:

Website: http://www.socar.az/

SOURCE: SOCAR

View source version on accesswire.com:

https://www.accesswire.com/621131/SOCAR-Adds-Another-Feather-to-its-Cap-by-Winning-Bid-for-Turkmen-Oil