SOCAR, Transneft agree on oil transit in 2022

The State Oil Company of Azerbaijan SOCAR and the Russian oil transportation company Transneft signed an agreement on the transit of oil from Azerbaijan in 2022 via the Baku-Novorossiysk oil pipeline.

Report informs citing its sources in SOCAR that the agreement concerns the transportation of 1.209 million tons of Azerbaijani oil.

At the same time, the request for the first quarter is 320,000 tons.

“Every year, we renew the oil pumping agreement with the Transneft company. Conditions do not change much, there may simply be a difference in the volumes and monthly oil shipments shipped in Novorossiysk,” a SOCAR representative explained.

At the end of 2021, the pumping of Azerbaijani oil through the Russian Federation amounted to 1.09 million tons.

In 2020, transit through the Baku-Novorossiysk oil pipeline amounted to only 613,290 tons - the lowest indicator for the entire period of the line’s operation, since late 1997. This was because SOCAR did not use the northern route for seven months, but sent its oil along the main Baku-Tbilisi-Ceyhan pipeline.