The Azerbaijan State News Agency

ECONOMY

SOCAR, Transneft update deal on Baku-Novorossiysk pipeline

19.02.2014 [15:17]
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Baku, February 19 (AZERTAC). After lengthy talks on resumption of oil transportation via Baku-Novorossiysk oil pipeline, the State Oil Company of Azerbaijan (SOCAR) and the Russian Transneft have signed a new deal on the continuation of oil pumping via the pipeline.

“Resumption of oil transportation through the territory of Russia will create opportunities for expanding export routes of Azerbaijani oil to the world markets,” SOCAR said.

Baku-Novorossiysk oil pipeline independently transported oil produced by SOCAR, as well as from onshore fields, developed within joint ventures.

In 2013, SOCAR exported 1.75 million tons of oil via the northern Baku-Novorossiysk pipeline compared to 2.06 million tons in 2012.