Azerbaijan, Baku, 2 October / Trend /
On Oct. 2 in Baku, KazMunaiGas National Company and the State Oil Company of Azerbaijan (SOCAR) signed an agreement on joint development of feasibility study on Trans-Caspian project, a Memorandum of intention on cooperation on Baku-Black Sea oil pipeline and the Memorandum on joint use of oil and gas infrastructure of SOCAR during development of Kazakhstan's hydrocarbon fields, a joint press release distributed by SOCAR said.
Agreement on joint activity regulates the mutual rights and obligations of the parties regarding their joint activities in form of a consortium to develop a feasibility study on the Trans-Caspian project. As a result of feasibility study, there are plans to establish a project company for the implementation of the Trans-Caspian project.
Memorandum of intention on cooperation on Baku-Black Sea oil pipeline defines the basic principles of cooperation to study the feasibility of construction of a new oil pipeline from the Caspian coast near Baku to the Black Sea coast for the transit of Kazakh oil via Azerbaijan, as well as the optimal use of existing oil and gas transportation infrastructure in Azerbaijan.
Memorandum on the joint use of oil and gas infrastructure of SOCAR during development of Kazakhstan's hydrocarbon fields envisages the prospects of procurement of goods, works and services required for the development of Kazakh fields, and determine the next steps in implementing such cooperation.
The structure of the Trans-Caspian project will include oil-loading terminals on the Kazakh coast of the Caspian Sea, tankers and vessels oil terminals on the Azerbaijani coast of the Caspian Sea and connecting facilities to the Baku-Tbilisi-Ceyhan pipeline.
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