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SOCAR, the State Oil Company of Azerbaijan Republic and Aurora Progress, the Swiss based commodity trading house, have announced that they will partner in the development of oil storage facilities, including the new 641,000 m3 oil products storage terminal being built in the Port of Fujairah, UAE.
SOCAR will be represented in the partnership through SOCAR Trading. SOCAR is keen to establish a strong asset base that can contribute to its ongoing international and downstream growth.
The development in Fujairah is in a key trading hub where volumes are increasing substantially- clearly this is a strategic asset for the future development of the SOCAR group. SOCAR Trading may itself rent some of the capacity in the terminals under development, but first and foremost these are going to be tank storage operations that will be providing first rate services to customers.
The terminal consists of 641,000m3 of storage across 20 tanks and can handle fuel oils, gasolines, naphthas and middle distillates (diesel, gasoil & jet kerosene) and will be equipped with both tank-to-tank and in-line blending facilities. SOCAR AURORA will be an independent terminal operator offering storage capacity to third parties.
The Port of Fujairah is commissioning this year a new multi berth facility for the receipt and loading of oil tankers. The SOCAR AURORA terminal will be amongst the first to make use of this new vessel handling capacity in the growing energy hub of Fujairah.
Aurora Progress S.A. is a privately owned Swiss based company with the trade, supply, transport and storage of refined petroleum products as its core activities.
The Group's roots go back to 1978 when Petrotex S.A. was first established; after acquiring Petrotex S.A and its subsidiaries, Aurora Progress continued to expand becoming a global trading company. Today the Group's main trading arm Aurora Petroleum Trading & Supply S.A. is involved in the trading & supplying of petroleum products and supplying bunkers in ports around the world.
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