SOCAR Trading, a subsidiary of Azerbaijan’s state oil company SOCAR, has won a tender for the purchase of Turkmen oil produced by Eni Turkmenistan, according to Argus Media, an independent price reporting agency.
Thus, the Azerbaijani company engaged in oil and gas sales in international markets has managed to return to its portfolio a part of the hydrocarbons purchased since 2017 by Vitol in Turkmenistan. SOCAR Trading left behind the biggest oil market players in the tender - ENOC, Vitol, Rosneft, LUKOIL, and Trafigura.
It is expected that thanks to these changes, the supply of Turkmen crude through the Baku-Tbilisi-Ceyhan (BTC) oil pipeline will grow due to a decrease in transit through ports of Makhachkala and Novorossiysk.
Eni Turkmenistan will be shipping about 30,000-40,000 tons of oil monthly from the Okarem field over the next year.
Meanwhile, Turkmenistan’s export of Okarem crude increased to 341,000 tons from 310,000 tons a year earlier. Tankers transport the entire volume in the direction of Makhachkala for further pumping to Novorossiysk port.
NEWS.ru earlier reported that the states participating in the OPEC+ deal agreed to increase oil production from January 2021 by 500,000 barrels per day.