Oval Useful news from Azerbaijan and Caucasus
The State Oil Company of Azerbaijan (SOCAR) and the Kazakh national company KazMunayGas continue to work on increasing oil supplies through the Caspian Sea, Azernews reports.
“We are currently developing new routes across the Caspian Sea, in particular through the Baku-Tbilisi-Ceyhan (BTC) oil pipeline. Since March, we have started shipping Tengiz oil in this direction. We are working together with SOCAR, as well as with our oil companies in Kazakhstan, to increase these volumes in order to ensure diversification,” Bulat Zakirov, Deputy Chairman of the Board of KazMunayGas said.
Regarding the transportation of Kazakhstani oil through the Caspian Pipeline Consortium (CPC), Zakirov stressed that the creation of any major transportation system similar to CPC would take a significant amount of time and would require capital investment.
“Billions of dollars are needed. We will continue this work, but now the main work is being done to maintain the stability of existing export routes,” he said.
