Bank Of Baku

Azerbaijan slashes crude export from Novorossiysk Port

Azerbaijan slashes crude export from Novorossiysk Port
# 04 September 2009 15:17 (UTC +04:00)
Baku. Rashad Suleymanov – APA-Economics. The Marketing Department of the State Oil Company of Azerbaijan (SOCAR) exported 239 741 tonnes of crude oil from Russia’s Novorossiysk Port during August, down 3% from a year ago.

The company press service said in total 1 715 308 tonnes of crude was exported through this route during January-August.

Brent oil was sold at $72.83, Urals oil at $72.25and BTC FOB Ceyhan at $73.49 per barrel in February.
Azerbaijan’s Azeri Light is a lighter crude oil and yields more light products at the refinery and less residue.

Because Azeri oil mixes with Russian crudes in Novorossiysk Port (the Black Sea), the mixture is branded as Urals.
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