ECONOMY
SOCAR in talks to buy 5 million tons of oil a year from Rosneft
Baku, August 20 (AZERTAC). Russia will start to export its own oil through Baku-Tbilisi-Ceyhan (BTC) pipeline as part of alliance between State Oil Company of Azerbaijan (SOCAR) and Rosneft.
Rovnag Abdullayev, the President of SOCAR, said that both State Oil Companies are already in the process of negotiating the reverse use of Baku - Novorossiysk pipeline for pumping 5 million tons of Russian surrogate URALS.
“We are also negotiating the possibility of URALS partial transportation by BTC from where it could be supplied to oil refinery plants in Italy where Rosneft has a share interest,” Abdullayev said. The possibility of resuming the Russian oil processing at Baku oil refineries is also being considered.
“Negotiations and estimations of such perspectives efficiency are planned to be completed by the end of this year. If consensus is achieved the supplies may start already in 2014,” Abdullayev said.
Russian Company is ready to settle itself all the issues concerning Transneft. Rosneft is also interested in SOCAR potential in Fujairah (UAE), Ceyhan (Turkey), Africa, Singapore and other countries where the Azerbaijani Company facilities for oil cargo storage.”