SOCAR and Aurora to partner in Oil Terminal Company
(Thomson Reuters ONE) -
Aurora Petroleum Trading & Supply / SOCAR and Aurora to partner in Oil Terminal Company processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
SOCAR, the State Oil Company of Azerbaijan Republic and Aurora Progress, the
Swiss based commodity trading house, have announced today that they will partner
in the development of oil storage facilities, including the new 641,000 m3 oil
products storage terminal being built in the Port of Fujairah, UAE. SOCAR will
be represented in the partnership through SOCAR Trading.
SOCAR Trading CFO Zaur Gahramanov commented: "SOCAR is keen to establish a
strong asset base that can contribute to its ongoing international and
downstream growth. The development in Fujairah is in a key trading hub where
volumes are increasing substantially - clearly this is a strategic asset for the
future development of the SOCAR group." SOCAR Trading may itself rent some of
the capacity in the terminals under development, but first and foremost these
are going to be tank storage operations that will be providing first rate
services to customers.
Mr. Ammar Kutait of Aurora added: "We are delighted to have an organisation of
SOCAR's scale and significance partner with us in developing these terminal
assets. We are now focusing on the construction of the first phase of our
Fujairah terminal to be operational early next year. In recognition of the
partnership we will be renaming this facility the 'SOCAR AURORA Fujairah
Terminal'."
SOCAR AURORA Fujairah Terminal: The terminal consists of 641,000m3 of storage
across 20 tanks and can handle fuel oils, gasolines, naphthas and middle
distillates (diesel, gasoil & jet kerosene) and will be equipped with both
tank-to-tank and in-line blending facilities. SOCAR AURORA will be an
independent terminal operator offering storage capacity to third parties. The
Port of Fujairah is commissioning this year a new multi berth facility for the
receipt and loading of oil tankers. The SOCAR AURORA terminal will be amongst
the first to make use of this new vessel handling capacity in the growing energy
hub of Fujairah. Ammar Kutait has been appointed as CEO of the Joint Venture
with the appointment of the CFO to be made shortly. Both companies will be
represented on the Board of Directors. The company is currently studying
contractors' bids after the initial civil works have been completed.
SOCAR: The State Oil Company of Azerbaijan Republic, incorporated in 1992, is
responsible for managing all oil and gas assets and activities for the Republic
of Azerbaijan. SOCAR holds a direct stake in the Azerbaijan International
Operating Company, which operates the giant ACG oil fields in the Caspian Sea,
as well as in the 1 million barrel-per-day BTC crude export pipeline between
Baku and the port of Ceyhan in Turkey. In addition, SOCAR is responsible for
marketing all State volumes on the part of the Azerbaijan State Oil Fund SOFAZ,
and holds participations in a range of other onshore and offshore fields and
projects in Azerbaijan including its large new gas fields like Shah Deniz and
Absheron. SOCAR also operates two refineries near Baku and has started its
international expansion in recent years with mid- and downstream investments in
Georgia and Turkey, and the establishment of its international trading and
development arm SOCAR Trading in Switzerland.
Aurora Progress S.A. is a privately owned Swiss based company with the trade,
supply, transport and storage of refined petroleum products as its core
activities. The Group's roots go back to 1978 when Petrotex S.A. was first
established; after acquiring Petrotex S.A and its subsidiaries, Aurora Progress
continued to expand becoming a global trading company. Today the Group's main
trading arm Aurora Petroleum Trading & Supply S.A. is involved in the trading &
supplying of petroleum products and supplying bunkers in ports around the world.
For enquiries:
E-mail:gseymus(at)socartrading.ch
E-mail:info(at)aurora-sa.com
Websites:
www.socar.az/index-en.html
http://www.socartrading.ch/
www.aurora-sa.com
[HUG#1416992]
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Aurora Petroleum Trading & Supply
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SOCAR AURORA Fujairah Terminal Picture 2: http://hugin.info/142982/R/1416992/367506.jpg
SOCAR AURORA Fujairah Terminal Picture 1: http://hugin.info/142982/R/1416992/367505.jpg
Datum: 19.05.2010 - 10:00 Uhr
Sprache: Deutsch
News-ID 21135
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Kategorie:
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