Azerbaijan news

SOCAR stops buying oil from Russia

Azerbaijan state oil company SOCAR for its oil refinery in Turkey Russia stopped buying oil.

Reuters agency writes that this is due to Western sanctions Europe and is a sign that it is affecting countries outside the United States as well.

to Russian oil transported by tanks Europe The embargo imposed by the Union came into force on December 5.

This embargo is also higher than the price set by the G7 group Russia prohibits the transportation of oil by tankers.

SOCAR Turkey’s oil refineries, including the STAR plant, which receives 210 thousand barrels of oil per day, since Moscow’s intervention in Ukraine Russia they increased the volume of oil purchases.

It was more profitable for Russia to sell oil in this way than to sell it to Asian markets.

Turkey Russia has not joined the upper price limit for oil, and Russian companies are in spite of this limit Turkey through which he could export as much oil as he wanted.

The flow of Russian oil to Turkey has decreased sharply

Despite this, according to the monitoring firm Refinitiv Eikon, the flow of Russian oil to Turkey last month fell to the lowest level since last February.

SOCARThe source told Reuters that the company is assessing the situation in order not to violate Western sanctions.

Oil supply to SOCAR’s STAR plant is managed by SOCAR’s commercial arm based in Geneva.

The volume of Urals oil supplied from Russia to Turkey decreased to 170,000 barrels per day in November.

However, before that, from August to October, this number was 300,000 barrels per day.

In November, the STAR refinery received only 73,000 barrels of Russian oil per day.

During the past three months, this figure was 170,000 barrels per day.

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