SOURCE: Aurora Petroleum Trading & Supply

May 19, 2010 04:32 ET

SOCAR and Aurora to Partner in Oil Terminal Company

LONDON--(Marketwire - May 19, 2010) - 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.


SOCAR AURORA Fujairah Terminal Picture 2:

SOCAR AURORA Fujairah Terminal Picture 1:

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