Continuation of oil pumping via Baku-Novorossiysk pipeline is in interests of both sides

Continuation of oil pumping via Baku-Novorossiysk pipeline is in interests of both sides

Baku, Azerbaijan, Feb. 14

Trend:

The continuation of oil pumping via the Baku-Novorossiysk pipeline on mutually beneficial conditions is in the interests of both "Transneft" and SOCAR, SOCAR (The State Oil Company of Azerbaijan) told Trend on Feb.13.

Currently, the date of the agreement between two companies has not expired yet, and intense negotiations on this issue are being conducted. The public will be informed after the completion of the negotiations.

As the Russian mass media reported earlier, the issue of the continuation of pumping of Azerbaijani oil via the route Baku-Novorossiysk is being considered.

Currently, oil from Azerbaijan is exported by three oil pipelines - Baku-Tbilisi-Ceyhan, Baku-Supsa and Baku-Novorossiysk, and also by a railway. Thus, if the transportation of oil via Baku-Novorossiysk fails, oil can be directed to two other oil pipelines.

As SOCAR said earlier, after the suspension of pumping oil via the Baku-Novorossiysk oil pipeline, the volume of oil transported on that route will be directed to the Baku -Tbilisi-Ceyhan oil pipeline, on which the majority of the Azerbaijani oil is exported.

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

Earlier, the Russian side made a decision to halt the intergovernmental agreement about oil shipment via the Baku - Novorossiysk Pipeline. Moreover, they announced the presence of possibilities for the continuation of negotiations with the Russian side on work of this pipeline, in particular, in the reverse direction.

About two million tons of oil is projected to be pumped via Baku - Tbilisi - Ceyhan annually. Besides, the company can transport five million tons of additional volume of oil via Baku - Tbilisi - Ceyhan.

The construction of the Baku - Tbilisi - Ceyhan pipeline started in April 2003, and it was filled with oil on May 18th 2005. The shareholders of Baku - Tbilisi - Ceyhan are BP (30.1 percent), AzBTC (25 percent), Chevron (8.9 percent), Statoil (8.71 percent), TPAO (6.53 percent), Eni (5 percent), Total (five percent), Itochu (3.40 percent), Inpex (2.5 percent), ConocoPhillips (2.50 percent) and ONGC (2.36 percent).

Translated by R.A.

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