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Azerbaijan sees significant increase in revenues from crude oil sales

Oil&Gas Materials 17 June 2022 13:53 (UTC +04:00)
Azerbaijan sees significant increase in revenues from crude oil sales
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, June 17. Azerbaijan exported more than 11.383 million tons of crude oil and petroleum products worth around $8.058 billion from January through May 2022, as compared to 11.921 million tons worth $4.927 billion in the same period in 2021, Trend reports with reference to the State Customs Committee.

As such, Azerbaijan’s revenues from crude oil and petroleum products’ exports grew by more than 1.6 times year-on-year.

Crude oil and petroleum products accounted for 52.27 percent of Azerbaijan’s total exports in the first five months of 2022, as compared to 66.34 percent in the same period in 2021.

There are three main oil pipelines transporting oil from Azerbaijan to its neighbours and on to world markets: Baku-Novorossiysk Pipeline, Baku-Supsa Pipeline and Baku-Tbilisi-Ceyhan (BTC) Pipeline.

In addition, railway lines traversing the length of Azerbaijan are also used to convey oil to the Batumi and Kulevi terminals located on the Black Sea along the coast of Georgia.

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Follow the author on Twitter: @Lyaman_Zeyn

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