Azernews.Az

Socar Trading, a subsidiary of Azerbaijan’s state oil company Socar, increased the volume of oil sales by more than 50 percent in 2011, Reuters quoted Socar Trading head Valery Golovushkin as saying.

"It was roughly $30-$35 billion. We have not closed the accounts yet, so I cannot say exactly," he said.

According to Golovushkin, the sales volume amounted to $19 billion in 2010.

During a conference in London, Golovushkin said that the company is negotiating with the bankrupt Switzerland-based firm Petroplus to purchase refining assets.

He stressed that Socar Trading was seeking to expand all over the world, however, Europe is the most attractive for oil refining.

"We are seriously looking for any opportunity that can provide a synergistic effect. We are in talks with Petroplus and others," he said.

According to Golovushkin, Socar Trading has started to sell third parties' oil, including crude from West Africa, but Azerbaijani oil remains the main product for the company.

"We are quite satisfied with Azerbaijani oil. Azerbaijani oil export amounts to about one million barrels [per day], and we do not expect big changes. Our exports make just over half of that amount," Golovushkin said.

Socar Trading is marketing about 80 percent of Azeri Light crude from the block of Azeri-Chirag-Gunashli fields in the Azerbaijani sector of the Caspian Sea.

The company has made its office in Singapore fully responsible for the development of trade with crude oil in Asia, including increasing its market share at the expense of long-term contracts.