SOCAR imports oil products from greece and israel for vessels bunkerage
SOCAR has started bunkerage of tankers and dry cargo vessels in the Ceyhan port from the terminal of Delta Rubis company, reported Reuters.
"The first day of operations was on September 17 and after two months we will start working with other types of products," said Zeki Tarakchi, SOCAR Marin President.
He said at first oil products will be delivered by SOCAR from the oil refineries in Greece and Israel.
SOCAR has earlier signed an agreement with Delta Rubis company to store and distribute fuel in Ceyhan in the Turkish province of Adana. The company will distribute black oil, aviation and ship fuel. The companies have signed the agreement for the period of five years. Delta Rubis is the biggest fuel storage company in Turkey.
In January 2013 SOCAR obtained a license from the Turkish Agency For Regulation of Energy Market for fuel distribution at the local market.-0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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