In October 2013 the Batumi Oil Terminal registered a record number of transshipped oil and oil products during the past three years – 612,751 tons. The closest index was registered in March 2010 – 620,429 tons.
“The Batumi Terminal has a significant advantage over the other Black Sea terminals, because it is able to transship up to 22 types of oil products, including crude oil, light and dark oil products and liquefied hydrocarbon gas,” said Talgat Baytaziyev, General Director of Batumi Industrial Holdings Ltd.
Batumi Industrial Holdings Ltd is 100% daughter company of KazTransOil JSC. It includes Batumi Oil Terminal and Batumi Sea Port.
Mainly Kazakhstan oil is exported through this port. ExxonMobil company also exports its share of oil extracted on the Azerbaijani Azeri and Guneshli fields to the world markets from the Batumi terminal.—0—
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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