SOCAR reduces oil export from Novorossiysk by over 40%
Baku, Azerbaijan, Dec. 1
By Emil Ismayilov - Trend:
The State Oil Company of Azerbaijan (SOCAR) exported 932,160 metric tons of oil via the northern Baku-Novorossiysk pipeline in January-November 2014 compared to 1.58 million metric tons in the same period of 2013, SOCAR said Dec. 1.
The company exported 84,800 metric tons of oil from the Novorossiysk port in November, compared to 84,820 metric tons in the same month of 2013.
SOCAR exported 1.75 million metric tons of oil via the Baku-Novorossiysk pipeline in 2013, compared to 2.06 million metric tons 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. SOCAR is the operator of 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.
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.