September 20, 2012 12:15
SOCAR plans to lower oil pumping via Baku-Novorossiysk pipeline 20% next year
BAKU. Sept 20 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) plans to pump 1.6 million tonnes of oil through the pipeline Baku-Novorossiysk next year, which would be a 20% decrease from the 2-million-tonne plan for this year, a SOCAR source has told Interfax.
Talks are underway with Russian oil pipeline company OJSC Transneft (RTS: TRNF) on the amount of oil to be transported through the pipeline in 2013, the source said.
"The reduction in the pumping plans for 2013, compared with 2012, are associated with the fact that SOCAR will be directing the bulk of the oil for processing," the source said.
Transneft has not officially asked SOCAR about terminating their agreement due to the decrease in the pumping of Azerbaijani oil through the pipeline, the source said.
Azerbaijan has been putting oil through the Baku-Novorossiysk pipeline since 1997. SOCAR exported 1,275,594 tonnes of oil via the pipeline in January-August.
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