17:30 - 12.03.2024

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March 12, Fineko/abc.az. On March 11 in Baku, Azerbaijan, Kazakhstan’s KazMunayGas (KMG) and the State Oil Company of Azerbaijan Republic (SOCAR) signed the Agreement on Phased Increase in the Volumes of Kazakh Oil Transit across the Territory of the Azerbaijan Republic.

The bilateral documents were signed by Magzum Mirzagaliyev, Chair of KMG's Management Board, and Rovshan Najaf, President of SOCAR, in the presence of Presidents of the Republic of Kazakhstan and the Azerbaijan Republic.

The Agreement on Phased Increase in the Transit Volumes of Kazakh Oil across the Territory of the Azerbaijan Republic provides for an increase in the volumes of Kazakh oil shipments along the Aktau-Baku-Tbilisi-Ceyhan route to 2.2 million tons annually.

Under this agreement, the parties will continue discussing the matter of decreasing the tariffs of transportation along the Aktau-Baku-Tbilisi-Ceyhan route, as well as transporting Kazakh oil along the Baku-Supsa route.