Price quotation for oil products favoured the growth of Turkmen exports

Price quotation for oil products favoured the growth of Turkmen exports

Murad OVEZOV

The increase in oil prices observed in April and May had a positive effect on Turkmen petrochemical exports, significantly increasing the incomes of the country’s fuel and energy complex.

According to the State Statistics Committee of Turkmenistan, the value of crude oil supplies in January-April 2018 increased by 2.3 times compared to the same period last year, while the increase in physical volume amounted to 194.6 percent. Supplies of Turkmen oil coke for four months of 2018 increased by 90.9 percent. Total export of other types of oil products increased by 14.5 percent.

Over the trading session at the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) on May 21-25, when, according to investing.com, the Brent crude oil price reached a record US$80 per barrel, representatives of Switzerland, United Arab Emirates, Tajikistan and Afghanistan purchased 125,000 tons of A-92 gasoline, produced at Turkmenbashy Oil Refinery and Seydi Oil Refinery.

In the same period, companies from Switzerland purchased 20,000 tons of technical kerosene, from UAE and Afghanistan – 30,000 tons of diesel fuel at the Turkmenbashy Oil Refinery. In total, 42 transactions for a total sum of more than $138 million were concluded over the trading session at the SCRMET.

Recently, in the oil market, one could observe a so-called rebound, when, after the rapid run up in oil prices the sudden decline comes. Despite this, experts, including Total CEO Patrick Pouyanné, said that they would not be surprised to see the price of a barrel of crude reach US$100 later this year.