Kazakhstan Eyes To Increase Oil Supplies Along Trans-Caspian Route

2024-07-25 07:19:15

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, July 25. Kazakhstan intends to increase oil supplies via the Trans-Caspian International Transport Route (TITR, or the Middle Corridor), Chairman of KazMunayGas (KMG, the national oil and gas company of Kazakhstan) JSC Askhat Khassenov said during a meeting with the President of the State Oil Company of Azerbaijan (SOCAR) Rovshan Najaf, Trend reports via KMG.

"As Askhat Khassenov noted, KazMunayGas is focused on further developing this export direction. Currently, KMG, together with its partners, is exploring the possibility of increasing the supply of Kazakh oil via the Trans-Caspian route. The Chairman of KMG expressed confidence in the successful implementation of joint initiatives by the two companies," said the KMG statement.

The meeting highlighted the stable supply of Kazakh oil. In 2023, 1.05 million tons of oil were shipped from the port of Aktau, and in the first half of this year, this figure exceeded 700,000 tons.

In 2022, KMG and SOCAR signed a five-year agreement for the transit of oil via the Aktau-Baku-Ceyhan route, with an annual volume of 1.5 million tons.

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