Socar to raise Azeri crude term exports in 2010

Published: 03 Nov 2009 20:47:07 PST

SINGAPORE, Nov 4 - Azerbaijan's state oil company Socar will raise the proportion of Azeri Light crude exports under term contracts to 80-85 percent of its total shipments to Asia in 2010, which will stay at 5-6 million barrels a month, versus 60 percent this year, its CEO said on Wednesday.

"Asia is a good market for us," said Valery Golovushkin, CEO of Socar Trading SA told reporters on the sidelines of the Asia Pacific Petroleum Conference (APPEC).

Golovushkin also said Socar plans to buy a "substantial" stake in an Italian oil refinery next year.

"We have the appetite and we are working extensively on the investments," he said without revealing the name of the refinery or the investment value.