SOCAR Trading, a subsidiary of SOCAR (State Oil Company of the Azerbaijani Republic) is building an oil terminal in Fuzhreira. The terminal will be launched in late 2011, the Minister of Economy of the United Arab Emirates, Sultan bin Said al Mansur, said in Baku on Tuesday, Trend reports.
The terminal will expand oil trading in the Persian Gulf, he clarified.
SOCAR and the Aurora Progress trading center in Switzerland signed a cooperation deal on development of oil storage, including a terminal for oil products.
SOCAR Trading invested in construction of a terminal capable of storing 645,000 cubic meters, as a joint-stock enterprise called SOCAR Aurora.
The terminal includes 20 reservoirs and will be used for the transfer of gas, naphtha, medium distillates and other oil products.
SOCAR Aurora will be its independent operator.
