Azerbaijan and Kazakhstan to Establish Joint Enterprise For Construction Oil Transporting Via Baku-Tbilisi-Jeyhan
Azerbaijan, Baku / Trend corr. K.Arinova / Rovnag Abdullayev, the president of SOCAR, has stated that the State Oil Company of Azerbaijan (SOCAR) and the Kazakhstan KazMunayGas JSC company signed an agreement on establishing joint enterprise to construct oil transporting facilities for transporting Kazakhstan's oil via Baku-Tbilisi-Jeyhan pipeline.
According to Abdullayev, "it means that construction will be held on parity bases". Abdullayev noted that port in Kurik, tankers, transport system; terminals in Baku and connection to Baku-Tbilisi-Jeyhan are included into the number of facilities.
The memorandum was signed between SOCAR and KazMunayGas within the framework of the Azerbaijani President, Ilham Aliyev, visit to Kazakhstan. In compliance with the signed memorandum both sides are intend to implement the TransCaspian project, which will include oil discharge terminals in Kazakhstan coast of the Caspian Sea, tankers and vessels, oil-tankers on Azerbaijani coast of the Caspian Sea and connecting facilities to Baku-Tbilisi-Jeyhan.
TransCaspian system is a part of projecting Kazakhstan Caspian System of Transporting. Initially, Kazakhstan Caspian System of Transporting will transport 500,000 barrels per day (23mln tons per year) and later will increase by 750 and 12,000 barrels per day (35mln to 56mln tons per year).