Azerbaijan’s SOCAR plans to increase light oil products’ output

Azerbaijan’s state oil company SOCAR plans to increase the light oil products’ output in 2016, a source in the company told Trend.

The source said the light oil products are forecasted to account for 67.4 percent of the total oil products’ output in 2016.

“The output of light oil products stood at around 3.5 million tons in 2015 and accounted for 64.2 percent of the total production,” said the source. “In 2016, we plan to increase this figure to 67.4 percent, which is around 3.6-3.7 million tons.”

SOCAR is the sole producer of oil products in Azerbaijan. In 2015, the company announced the liquidation of Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery, which is currently being modernized.

After the modernization, the refinery’s production capacity will increase from 6 million tons to 7.5 million tons per year.

Azerbaijan produced 5.45 million tons of oil products in 2015, as compared to 5.31 million tons in 2014.

/By Trend/