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AZERBAIJAN ships 818,664 tonnes of oil via Russia

posted onAugust 9, 2017
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Azerbaijan's oil shipments via Russia jumped to 818,664 tonnes in January-July this year from 559,065 tonnes in the same period last year, Reuters reports, citing the state oil company SOCAR. The increase was partly because SOCAR shipped no oil via the Baku-Novorossiisk pipeline in January and February last year, before resuming exports the following month after signing an agreement with Russian pipeline monopoly AK Transneft .

SOCAR aims to increase its shipments via Russia to 1.5 million tonnes this year. Last year it shipped 1.2 million tonnes, down 4.8 percent from 2015. Azerbaijan sends only a small portion of its oil exports via Russia, using routes through Georgia and Turkey for the bulk of its crude shipments. SOCAR's crude has a lower sulphur content than Russia's Urals blend. The company receives crude from Transneft to fill its loading slots at the Novorossiisk oil terminal.

Socar Azerbaijan state oil company

The state oil company produced 3.71 million tons of oil from offshore and onshore fields of the country in January-June 2017 against 3.78 million tons produced in the same period of 2016 according to AzerNews. SOCAR which is 100 percent owned by the government of Azerbaijan, reported that 914.566 million manats ($537.726 million) were transferred to the state budget in January-July of 2017, which is 125.625 million manats ($73.862 million) or 15.9 percent higher than the corresponding figure for 2016, according to the same source.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. The company has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany and Ukraine and trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.

With reporting by Reuters and AzerNews