SOCAR significantly reduced oil export from Novorossiysk in 2014
Baku, Azerbaijan, Jan.5
By Emil Ismayilov - Trend:
The State Oil Company of Azerbaijan (SOCAR) exported 932,160 metric tons of oil via the Baku-Novorossiysk pipeline in 2014, compared to 1.75 million metric tons in 2013, a message from the company said on Jan.5.
SOCAR exported 2.06 million metric tons of oil from Novorossiysk in 2012.
SOCAR transships the oil produced at its own fields, as well as the oil of joint ventures and operation companies operating at Azerbaijan's onshore fields through Novorossiysk. Oil is delivered to the port via the Baku-Novorossiysk pipeline operated by SOCAR.
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.
Edited by SI
Follow the author on Twitter: @Emilsmail