The trading arm of Azerbaijan’s national oil company Socar is trading oil via its expanding oil terminal facility at Fujairah in the UAE, according to a Reuters report.
“Socar Trading … has started using its newly constructed terminal at Fujairah for its trading activity,” Christian von Langermann, head of Socar Trading Dubai, said in an emailed statement that authorised publication by Reuters on Tuesday.
The project, known as SAFT, is a joint venture between Socar Trading; Aurora Progress, the Swiss based commodity trading house; and the Government of Fujairah. The government of UAE has a 17% stake in Apricorp.
“The first cargo of fuel oil destined to the newly constructed terminal in Fujairah is on its way.”
Phase one of the Fujairah terminal has been completed, with a capacity of 114,000 cubic metres. It will eventually have 20 tanks with total capacity of 641,000 cubic meters to handle fuel oil, gasoline, naphtha, middle distillates and blending components.