SOCAR, KazMunayGas mull increasing transit of Kazakh oil through Azerbaijan

The State Oil Company of Azerbaijan (SOCAR) and Kazakhstan's KazMunayGas (KMG) have discussed increasing the volumes of Kazakh oil transported through Azerbaijan, SOCAR said in a statement, Report informs.

SOCAR President Rovshan Najaf met with Chairman of the Management Board of KazMunayGas Askhat Khassenov today. The meeting participants emphasized that strategic relations between Azerbaijan and Kazakhstan in the energy sector are developing successfully.

The parties discussed the progress of measures stipulated by the Memorandum signed between SOCAR and KMG in 2024. In particular, they discussed prospects for increasing the volume of Kazakh oil transported through the territory of Azerbaijan, as well as opportunities for deepening their partnership across various areas of the energy sector.

Kazakhstan exports oil intended for the BTC (Baku-Tbilisi-Ceyhan) pipeline from the Caspian port of Aktau via tankers to Baku.

In 2022, KazMunayGas and SOCAR signed a master agreement on the transit of Kazakh oil. In March 2023, a test shipment of 7,000 tons of oil from the Kashagan field was carried out through Azerbaijan.

In March 2024, KMG and SOCAR concluded an agreement on a gradual increase in oil transit through the territory of Azerbaijan. According to the document, the volume of supplies is planned to be increased to 2.2 million tons per year.