Azerbaijan, Russia discuss possibility of supplying Russian oil to STAR refinery

Mon 18 Mar 2019 06:18 GMT | 10:18 Local Time

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Azerbaijan and Russia discussed the possibility of supplying Russian oil to the STAR refinery in Turkey, owned by SOCAR, the Azerbaijani state company, Minister of Energy of Azerbaijan said, Trend reports citing Ministry of Energy of Azerbaijan.

This issue was discussed by the Minister of Energy of Azerbaijan, Parviz Shahbazov, at a meeting with Russian Minister of Energy Alexander Novak in Baku.

The meeting was held as part of the meeting of the Monitoring Committee of OPEC Ministers and non-cartel countries, which will be held in Baku on March 18.

The sides discussed measures to preserve stability in the global oil market within OPEC+, the state of implementation of the December agreement, the Azerbaijani-Russian energy cooperation.

Minister Novak informed about measures to reduce oil production in Russia. According to him, to determine the next steps in the global oil market, it would be advisable to hold a discussion in May.

Speaking about trends in the oil market, Minister Shahbazov stressed the importance of continuing cooperation in order to maintain price stability.

Azerbaijan and Russia also discussed the coordination of the Azerbaijan-Russia-Iran energy system, the transportation of oil to Russia, the Turkish Stream project and other issues. The parties agreed to sign a memorandum of understanding to strengthen and further develop cooperation.




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