17:27 - 22.06.2023

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June 22, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) and KazMunayGas (the national company of Kazakhstan) have signed the Memorandum on strategic cooperation on the transit of Kazakh oil through the territory of Azerbaijan, ABC.AZ reports with reference to the Cabinet Ministers of Azerbaijan.

Kazakh oil enters the BTC pipeline, a key export route for this raw material from Azerbaijan, by tankers through the Caspian Sea with shipment to the port of Aktau.

Kazakhstan is trying to increase oil exports bypassing Russia, seeking to diversify supplies, about which President Kassym-Jomart Tokayev spoke in the summer of 2022. However, so far the main export route for Kazakh oil remains the Caspian Pipeline Consortium (CPC) with the final point at Russian sea terminal Yuzhnaya Ozereevka near Novorossiysk, and the share of alternative supplies is not large.