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News // Transportation and storage

Socar bought 7 oil tankers to expand trading and logistics operations in Europe

13 March 2017 , 15:31Neftegaz.RU1555

Socar has been expanding its oil and oil products trading and logistics operations in Europe and added 7 oil tankers to its fleet, various media sources reported on March 13, 2017.

 

The company’s fleet has 30 vessels with deadweight of 5000-15000 tons. Among them oil tankers are in the majority.

 

Azerbaijan´s state energy company Socar added 7 oil tankers to expand its transport capacity in the Mediterranean and Caspian seas, an executive with SOCAR’s trading unit said.

Socar, which set up its trading unit in 2008, has been expanding its oil and oil products trading and logistics operations in Europe.

 

«This (deal) is part of our strategy of competing for market share. Control over logistics gives advantages … when implementing trading strategies,» said Arzu Azimov, the Geneva-based head of Socar Trading.

 

The deal, which was closed last month, gives Socar access to 2 Suezmax-class tankers with deadweight of 140,000 tonnes each and 5 Aframax-class tankers with 80,000 tonnes capacity each.

 

Socar bought the 7 tankers from Turkey-based Palmali, one of the biggest shippers in the Caspian region, Azimov said.

Azimov and a Palmali representative would not comment on the value of the deal.

 

To read the full story in Russian.

 

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