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Despite Decline in Oil Shipment Volumes via Ceyhan, SOCAR Increased Its Revenue by 58%

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SOCAR shipped 1 million 398.44 thousand tons of Azeri oil via Ceyhan, Turkey in January 2017, the press service of SOCAR reported.

In January 2016 the volume of shipments of Azeri oil via Ceyhan totaled 1 million 510.913 thousand tons. Thus, the volume of shipments fell by 112,473 tons (about 832,000 barrels) or 7.5% over January 2017.

However, despite the decline in the volume of shipments via the terminal of Ceyhan, SOCAR revenues in January increased significantly compared to the same period last year. Thus, according to estimates of Turan, while in January 2016 SOCAR revenues from oil sales via the terminal of Ceyhan was $ 361.47 million (the average price of oil at $ 32.33 per barrel), then a year later they increased to $ 570.61 million (an increase of 57.8 %).

According to SOCAR, in January Brent crude was sold on the world market at an average price $ 54.67 per barrel, Urals grade – at $ 53.66 per barrel, and BTC FOB Ceyhan grade – at $ 55.14 per barrel.

In 2016 via the oil terminal of Ceyhan, SOCAR shipped 16 million 784.975 thousand tons of Azerbaijani oil.

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