The contract between Transneft and State Oil Company of Azerbaijan (SOCAR) envisages that 1.4 million tons of Azerbaijani oil could be pumped via the Baku-Novorossiysk oil pipeline in 2016, Advisor of President of the Russian pipeline monopoly Transneft, press officer Igor Demin told the Oil Information Agency.
He said a separate agreement will be needed to deliver SOCAR’s oil via Makhachkala.
“At the moment we do not have it,” he said.
From January to November 2015 SOCAR has shipped 1.3 million tons of oil from the Novorossiysk port, which was exported via the Baku-Novorossiysk oil pipeline, which is up 36.2% against the same period last year. In 2014 SOCAR shipped 932,200 tons of oil from Novorossiysk.
Since 1997 Azerbaijan has been transporting its oil via the Baku-Novorossiysk pipeline.—0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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