Socar would like to store oil in Ukraine for as long as it takes for prices to revive

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With the world awash in oil, Azerbaijan’s Socar would like to store oil in Ukraine for one year, or as long as it takes for prices to revive, says Nikolay Gavrilenko, head of Naftogaz’s oil division, ubn.news reported.

To do this, Ukraine’s Finance Ministry has to create a duty free customs warehouse regime, similar to the one used by gas traders in western Ukraine. Gavrilenko calculates that 2.7 million barrels could be stored in an unused pipeline that runs east from Poltava’s Kremenchuk refinery to Lysychans’k, Luhansk.

In addition, 1.2 million barrels could be stored at Ukrtransnafta’s tank farm at Pivdennii, Ukraine’s deepest and busiest Black Sea port.

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