Bank Of Baku

SOCAR to boost oil shipment through Kulevi Oil Terminal

SOCAR to boost oil shipment through Kulevi Oil Terminal
# 05 January 2009 09:17 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. The State Oil Company of Azerbaijan Republic (SOCAR) is expected to produce 8.55 million tons of oil in 2009.
The company said 8 billion cubic meters of gas is expected to come this year.
In addition, SOCAR plans to reconstruct the railway infrastructure in order to increase the annual volume of oil shipments through the Black Sea Terminal of Kulevi it acquired in Georgia.
The volume of petroleum products will be increased by 8-10 times in 2009.
Last year SOCAR invested $340 million in the Kulevi Terminal which is designed to store and load crude oil and petroleum products, and a total of $400 million in Georgian economy.
2 million tons of petroleum products were loaded at Kulevi Terminal in 2008.
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