SOCAR reduces oil export from Novorossiysk by more than 40%

Oil&Gas Materials 2 September 2014 13:50 (UTC +04:00)

Baku, Azerbaijan, Sept.2

By - Trend:

SOCAR (State Oil Company of Azerbaijan) exported 677,780 tonnes in January-August 2014 versus 1.16 million tonnes in the same period of 2013 via the Baku-Novorossiysk northern pipeline, SOCAR reported on Sept.2.

The company exported 84,760 tonnes from Novorossiysk in August compared to 169,710 tonnes in July 2013.

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

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.

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.

The oil pumping through the pipeline was suspended in February. However, SOCAR and Russian Transneft recently signed a new agreement on oil transportation via the Baku-Novorossiysk pipeline, in accordance to which, the oil transportation via the Baku-Novorossiysk pipeline was restored.