Azerbaijan’s State Oil Company (SOCAR) and Russia’s Transneft, the world’s largest oil transportation company, signed agreements to transport oil through the Baku-Novorossiysk pipeline. The duration of the contract will cover 2017, according to a source in SOCAR.
“Until the end of 2016, SOCAR will transport another 80,000 tons of oil via the Baku-Novorossiysk pipeline, and after that, the whole plan of oil volume for this year will be carried out,” said the source. “In 2017, it is planned to increase the volume of pumping to 1.5 million tons of oil, 325,000 tons of which are planned to be pumped in the first quarter of 2017.”
In 2016, SOCAR and Transneft transported 1.3 million tons of Azerbaijan-produced oil via the Baku-Novorossiysk pipeline. Launched in 1996, this SOCAR-operated pipeline has three pump stations in the Azerbaijan cities of Sangachal, Sumgait and Siyazan.