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Azerbaijan suspends oil refinery and sale in Egypt

31 January 2011 16:24 (UTC +04:00)

According to the report, SOCAR Trading has been transporting 1-1.5 million barrels of oil per month to Midor Refinery in Alexandria, Egypt since May, 2010. The oil products produced there were being sold to Egyptian General Petroleum Corporation.

SOCAR Trading official said the process was carried out on the basis of credit risk and therefore it involved the banks, which are expected to review the funding risk of these operations if situation in Egypt is not stabilized.

He also said Azerbaijani representatives and Egyptian bank officials would soon meet in Egypt to investigate the situation. â€œThe oil refinery in Alexandria doesnâ€™t suspend its work. It is processing the SOCAR Trading oil now. Not Azeri Light, but lower-gravity oil produced in Arab countries is transported to the refineryâ€.