Baku, Azerbaijan, Oct.8

By Emil Ismayilov - Trend:

The State Oil Company of Azerbaijan (SOCAR) is expected to ship 85,000 metric tons of oil from the Russian port of Novorossiysk in October 2014.

A total of over 2.56 million metric tons of oil will be shipped from the Novorossiysk port in October.

SOCAR transships the oil produced from its own fields, as well as the oil of joint ventures and operator companies working at onshore fields in Azerbaijan through the Novorossiysk port. The oil is delivered to the port via the Baku-Novorossiysk pipeline.

SOCAR exported around 1.75 million metric tons of oil via Baku-Novorossiysk pipeline in 2013, compared to 2.06 million metric tons in 2012.

Earlier, the Russian side decided to terminate the intergovernmental agreement on the supply of oil via the Baku-Novorossiysk pipeline. Nevertheless, it was stated that there was opportunity for further negotiations with the Russian side on the operation of this pipeline, in particular in the opposite direction.

However, SOCAR and Russian Transneft signed a new agreement for the period of one year on oil transportation via the Baku-Novorossiysk pipeline, in accordance to which, the oil transportation via the Baku-Novorossiysk pipeline was restored.

SOCAR has been operating Baku-Novorossiysk pipeline since 2008. The company took over the operatorship from Azerbaijan International Operating Company (AIOC - headed by BP).

The schedule of oil shipment from the Novorossiysk port for October has been provided by the Energy Intelligence Group agency.