Kazmunaygas, SOCAR Sign Agreement On Increase In Transit Volumes
Date
3/12/2024 7:09:51 AM
(MENAFN- AzerNews)
Fatime Letifova Read more
On March 11 in Baku, Azerbaijan, Kazakhstan's KazMunayGas JSC
(KMG) and the State Oil Company of Azerbaijan Republic (SOCAR)
signed the Agreement on Phased Increase in the Volumes of Kazakh
Oil Transit across the Territory of the Azerbaijan Republic and the
Memorandum of Strategic Cooperation in Sale and Purchase of Kazakh
Oil, Azernews reports.
The bilateral documents were signed by Magzum Mirzagaliyev,
Chair of KMG's Management Board, and Rovshan Najaf, President of
SOCAR, in the presence of Presidents of the Republic of Kazakhstan
and the Azerbaijan Republic.
The Agreement on Phased Increase in the Transit Volumes of
Kazakh Oil across the Territory of the Azerbaijan Republic provides
for an increase in the volumes of Kazakh oil shipments along the
Aktau-Baku-Tbilisi-Ceyhan route to 2.2 million tons annually.
Under this agreement, the parties will continue discussing the
matter of decreasing the tariffs of transportation along the
Aktau-Baku-Tbilisi-Ceyhan route, as well as transporting Kazakh oil
along the Baku-Supsa route.
In 2022, KMG and SOCAR entered into an Agreement on Oil Transit
along the Aktau-Baku-Tbilisi-Ceyhan route with an annual volume of
1.5 million tons.
The Memorandum of Strategic Cooperation in the Sale and Purchase
of Kazakh Oil establishes general conditions and principles for the
sale and purchase of Kazakh oil for further processing at SOCAR
Group's refineries, as well as subsequent trading on the regional
and global markets.
“The documents that we have signed today make an additional
contribution to the strengthening of the strategic partnership
between our companies in terms of Kazakh oil transportation to
global markets,” Mirzagaliyev noted.
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