Embassy: Azerbaijan considering investing in Kazakh oil fields

Azerbaijan is considering the possibility of investing in Kazakh oil fields, Report informs referring to Kazakhstan’s Embassy in Azerbaijan.

The diplomatic mission, in a press release distributed on June 3, provided details of the meeting between Ambassador of Kazakhstan to Azerbaijan Alim Bayel and President of SOCAR Rovshan Najaf, which took place on May 31.

“During the course, the successful development of interaction between national oil and gas companies was emphasized. An exchange of views took place on the prospects for further cooperation in the oil and gas sector. In particular, the Azerbaijani side is showing interest and is considering the possibility of investing in Kazakh oil fields,” the embassy reported.

Bayel, in turn, reminded that in 2023, supplies of Kazakh oil began through the territory of Azerbaijan via the Baku-Tbilisi-Ceyhan (BTC) pipeline. In 2023, 1,057 tons of Kazakh oil were shipped from the port of Aktau in the direction of Azerbaijan for subsequent export via the BTC.

“The parties are exploring the possibilities of further increasing volumes. Kazakhstan is also studying Azerbaijan’s proposal to use the Baku-Supsa oil pipeline. Supplies in this direction will depend on commercial conditions,” the diplomatic mission noted.

By the end of 2024, KazTransOil JSC plans to export up to 1.5 million tons of Kazakh oil from the Tengiz field via the Baku-Tbilisi-Ceyhan oil pipeline.