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Georgia increases imports of oil products from Azerbaijan by 20%

Georgia increased import of oil products from Azerbaijan by 20 percent, the Georgian National Statistics Service’s foreign trade report said.

Georgia imported 35,320 metric tons of oil and petroleum products worth $17.05 million from Azerbaijan in January-February 2015, said the report.

Oil and oil products from Azerbaijan in January-February amounted to 22.2 percent of a total import volume of Georgia in this category of products, the report said.

Georgia has imported oil and oil products in the amount of $76.84 million since early 2015.

In annual terms, the volume of Georgian imports of oil and oil products from Azerbaijan in value terms declined by 36.7 percent (in quantitative terms, supplies increased by 5,970 metric tons in oil equivalent or by 20.3 percent).

For comparison, Georgia imported 29,350 metric tons of oil and oil products in the amount of $26.9 million from Azerbaijan in January-February last year.

Georgia imported the products worth $100.7 million from Azerbaijan in January-February 2015. According to the report, the volume of imports from Azerbaijan to Georgia decreased by 15 percent during a year.

Previously, Azerbaijani petroleum products were produced at two refineries in Baku. Both of these refineries were included in SOCAR which annually processes around 7 million metric tons of oil produced at onshore and offshore fields with its own funds.

SOCAR announced about liquidation of Azneftyag oil refinery and its merger with Baku Oil Refinery named after Heydar Aliyev in December 2014. The major part of Azerbaijani petroleum products is exported to Georgia.