Romania: Details Not yet Clear on Socar Fuel Agreements

After Azerbaijani state-owned SOCAR opened a local office in Romania last year, the company intends to close a contract with port operator Oil Terminal to delivery 5 million tonnes of crude oil, an amount similar to Romania's annual production of crude oil.

When contacted Oil Terminal representatives did not wish to comment. "SOCAR has expressed its intention to bring five million tonnes of crude oil to Oil Terminal. They even want a 15-year contract with Oil Terminal," said sources quoted by Mediafax. The quoted sources added that SOCAR is looking to sign partnerships with Romanian refineries, with the end products to be sold both at home and abroad.

SOCAR's ultimate clients are still unknown, while deliveries are conditioned on a signed agreement between the two companies. The delivery period for the 5 million tonnes of crude oil is also not known yet.

SOCAR representatives have recently said their intention is either to bring petroleum products onto the Romanian market, and then sell them through their own petrol station network, or to bring crude oil onto the market, process it through various refineries, and then sell it on the local market.