Azerbaijan to sell oil to China
BAKU – Azerbaijan's state oil company SOCAR has signed an agreement on supplying Azerbaijani crude to China.
The Memorandum of Understanding was inked with the state-run Zhuhai Zhenrong Corp. during a visit to China by energy executives headed by SOCAR President Rovnag Abdullayev, the Azerbaijani company said Monday.
During a visit to Singapore, another country in southeastern Asia, SOCAR and Thailand’s top energy firm PTT signed an agreement on jointly operating a floating oil storage, a PTT-owned facility located near Singapore.
The implementation of this document will facilitate diversifying Azerbaijani oil supplies to Asian markets.
SOCAR's trading department plans to expand its fuel oil and naphtha trade in Asia next year, the company’s executives said earlier.
SOCAR Trading also intends to make its office in Singapore fully responsible for the development of crude oil trade in Asia and to increase its market share on account of long-term contracts.
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