Baku, Azerbaijan, June 1
By Huseyn Veliyev - Trend
Within the joint enterprise, established in May 2014, SOCAR (The State Oil Company of Azerbaijan) and the Russian "Rosneft" consider the transportation of oil from Russia to Azerbaijan, President Rovnag Abdullayev told reporters on June 1.
The transportation would go via the Baku-Novorossiysk pipeline, followed by its partial refining and transportation via the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Abdullayev said that it is planned to transport oil via the Baku-Novorossiysk pipeline, to Baku's oil refineries.
"Annual capacity of transportation will make up to 5 million tonnes per year, Abdullayev said. "Partly, it's planned to transport the oil via the Baku-Tbilisi-Ceyhan pipeline."
He went on to add that the joint enterprise for production and exploration of oil and gas will also implement projects in Russia and Azerbaijan.
SOCAR President noted that Rosneft is the world's largest mining company and implements major projects in Siberia, Arctic and other world regions.
"There are perspective projects in Azerbaijan which the company (Rosneft) intends to take part in. Currently, the projects which can be implemented are being considered," Abdullayev said.
He noted that the participation of Azerbaijani and Russian sides in the joint enterprise is 50/50, adding that Rosneft intends to participate in exploration of Absheron oil and gas reserves.
Abdullayev went on to say that SOCAR on its part is interested in participating in major projects in Siberia, where reserves are counted by billions of tonnes, and there are no projects implemented there yet.
The joint enterprise agreement was signed at the St. Petersburg Economic Forum on May 24. The agreement will allow concrete joint work on selection and realization of large-scale projects in Siberia, Caspian offshore area and other areas. It will create opportunities for both companies to enter new trade markets as well.
The parties have agreed to establish joint enterprise on a parity basis and introduce shares into its authorized capital in mining assets on the territory of Azerbaijan, Russia and other countries.
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