The State Oil Company of the Azerbaijani Republic (SOCAR) and China's
state-owned enterprise Zhen Rong have signed a memorandum in China on
mutual understanding on Azerbaijani oil supplies to China, a message
published by SOCAR says, Trend reports.
The message mentions that SOCAR and the Thai company PTT signed a
memorandum in Singapore on joint use of floating oil reservoirs.
Realization of the memorandum will create conditions for diversifying
supplies of Azerbaijani oil to the Asian market and will serve as an
effective route for Azerbaijani oil exports.
The head of SOCAR said earlier that the company will expand trade of
fuel oil and naphtha to Asia. This will involve the leasing of
reservoirs in Singapore.
Socar Trading also plans to turn its office in Singapore into a
structure fully responsible for development of the crude-oil trade in
Asia, including increasing its share in the market using long-term
contracts.
The expansion of Socar Trading in Singapore will be realized through
arbitrary supplies of fuel oil from west to east.
