The Azerbaijan State News Agency

ECONOMY

SOCAR, KAZMUNAYGAZ SIGN AGREEMENT ON BASIC PRINCIPLES OF TRANS-CASPIAN PROJECT

14.11.2008 [20:11]
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Presidents Rovnag Abdullayev of the State Oil Company of the Azerbaijan Republic (SOCAR) and Kairgeldi Kabyldin of KazMunay, national company of Kazakhstan, signed an agreement on basic principles of realization of the Trans-Caspian project.

The project will allow creating a long-term reliable system for transportation of oil through terminals in the Azerbaijan and Kazakhstan coast of the Caspian Sea, and then via the Baku-Tbilis-Ceyhan oil pipeline and other oil transportation facilities.

It is planned the Trans-Caspian system will start with transporting 500,000 barrels a day and then will increase the volume to its full capacity of 1,200,000 barrels.

After the signing ceremony, Rovnag Abdullayev and Kairgeldi Kabyldin answered questions from journalists.