Monday May 27 2024

Energy named priority in Azerbaijan-Ukraine co-op

21 June 2019 18:35 (UTC+04:00)
Energy named priority in Azerbaijan-Ukraine co-op

By Leman Mammadova

Azerbaijan and Ukraine consider the energy component in bilateral economic cooperation as a priority.

A meeting between Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR), and Vladyslav Kanevskyi, Ukrainian Ambassador to Azerbaijan, was held on June 21, during which the sides discussed the prospects for deepening cooperation between Azerbaijan and Ukraine in the energy sector.

The sides indicated the priority of the energy component in the bilateral economic cooperation, as well as the importance of expanding the activities of SOCAR in Ukraine.

In addition, the parties discussed issues related to the work within the framework of the investment council under the Presidential Administration of Ukraine.

Abdullayev expressed his willingness to continue to participate in the meetings of this council and signed a corresponding letter addressed to the President of Ukraine Vladimir Zelensky.

Ukraine is the second largest trade partner of Azerbaijan in the post-Soviet space. Azerbaijan is also considered one of the main trade partners of Ukraine.

In 2018, the trade turnover was the highest in the last five years - it amounted to about $829 million, which is $18 million more than in 2017. Azerbaijan's imports from Ukraine amounted to $469.8 million in 2018, while products for $358.74 million were exported from Azerbaijan to Ukraine.

Azerbaijan is currently the main supplier of oil to Ukraine. Ukraine imported crude oil worth $135 million from Azerbaijan in January-May 2019, which is 98.24 percent of the country's total crude oil imports.

SOCAR carries out its activity in Ukraine through SOCAR Energy Ukraine since 2009. SOCAR filling station network includes 59 filling stations in 11 regions of the country as well as two oil tankers.

The main activity of SOCAR Energy Ukraine is to develop a network of petrol stations in Ukraine, organize wholesale of gasoline and oil products. Since late 2016, the company has also been engaged in trade of natural gas in Ukraine.

Four oil bases belonging to SOCAR Energy Ukraine operate in Kyiv, Odessa, Lviv and Kharkov. SOCAR Energy Ukraine’s subsidiaries Torgoviy Dom and SOCAR-AVIA organize the sale of light oil products and aviation fuel for Ukrainian airports.

Since its establishment, SOCAR Energy Ukraine invested $286 million in the creation of petrol stations, acquisition of oil bases and working capital.

Earlier, the company said that the priorities for SOCAR in 2019 remain the expansion of the complex of services at gas filling stations and increasing the sales of related products, as well as opening up to eight new filling stations, and installing modules for the sale of liquefied petroleum gas (LPG) at all existing filling stations.


Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

Follow us on Twitter @AzerNewsAz

Latest See more