Baku, Azerbaijan, May 23
By Maksim Tsurkov – Trend:
SOCAR Trading Company (trading house of Azerbaijan state company SOCAR) expects to strengthen the positions of its business in West Africa, a source in the oil and gas market of Azerbaijan told Trend May 23.
The source said the company intends to implement its plans through investments in the oil terminal in the Benin’s Cotonou.
"The oil terminal in Cotonou was completed at the end of 2017. This facility, which has a capacity of 54,000 tons of oil products, will allow SOCAR Trading to support the company's business in West Africa," the source told Trend.
SOCAR together with its subsidiary SOCAR Middle East Corp owns 20 percent stake in Octogone Stockage Petroliers S.A. (OSPP), which owns and operates the terminal. Other shareholders are Octogone Group - 70 percent and the National Society of Hydrocarbons of Burkina Faso (SONABHY) – 10 percent.
The terminal allows to store 20,000 tons of gasoline and gas oil, 5,000 tons of jet fuel and kerosene, as well as 4,000 tons of liquefied petroleum gas (LPG).
SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.
The company sells bulk of SOCAR crude oil exports from Ceyhan port (Mediterranean Sea, Turkey), trades oil and oil products of other countries, and also assists the parent company over international investments. The scope of SOCAR Trading covers the countries of Europe, Asia and America.
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