Azerbaijan and Kazakhstan sign Trans-Caspian oil transport deal

Nov 14, 2008 01:00 AM

On November 14, State Oil Company of Azerbaijan (SOCAR) and Kazakhstan's KazMunaiGaz signed an agreement on the core principles of establishing Trans-Caspian Oil Transport System.
The document was signed by Rovnag Abdullayev, President of SOCAR and Kairgeldy Kabyldin, President of KazMunaiGaz. The Trans-Caspian Oil Transport System is a proposed delivery of oil from the Kazakh port of Aktau to Baku in Azerbaijan.

Rovnag Abdullayev hailed the document as a step forward following previous agreements and documents, including "An Agreement on Assistance and Support to the Transportation of Kazakh oil via the Caspian Sea and Azerbaijan, onto World Markets through Baku-Tbilisi-Ceyhan Pipeline" signed in 2006, "An Agreement on Strategic Cooperation in Oil-Gas Sectors" and "A Memorandum on the Joint Implementation of the Trans-Caspian Project" signed in 2007.
"We took one more step towards the realization of this project. Transportation of Azeri and Kazakh oil to Europe will be beneficial for the both sides," he added.

Kazakhstan's Minister of Energy and Natural Resources Sauat Mynbayev added that his country would produce 70 mm tons of oil this year, 63 mm tons of which will go to exports and 12 mm tons (including Russian oil) will be used for domestic consumption.
"We predict to produce 100 mm tons in 2015. So, we find it expedient to export our oil via the BTC pipeline," he added.

Kairgeldy Kabyldin added that Kazakh oil will be delivered to Baku by tankers so far.
The $ 3 bn project will be financed through loans to be borrowed by Azerbaijan and Kazakhstan.

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