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FINANCIAL NEWS
Azeri SOCAR, Swiss Aurora Progress to inaugurate oil terminal in UAE
14 Nov 2011
(MENAFN) Azeri SOCAR’s head of marketing, Adnan Akhmedzade, said that at the end of the current month, the energy firm along with Aurora Progress, the Swiss trading house, would inaugurate an oil terminal in the UAE’s port of Fujairah, reported Arab News.
Akhmedzade added that the terminal would be managed by the two companies’ joint venture, SOCAR-Aurora, and the first facility would have an annual capacity to handle 150,000 tons of oil products by the end of the month.
He also said that the terminal’s total annual capacity would reach 600,000 tons, adding that the terminal would include 20 reservoirs used to ship and store refined oil products.
It is worth noting that the terminal will be used for oil products sold in the region and not Azeri-refined products.
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