Azerbaijan, Kazakhstan intend to establish joint venture company for oil transit
Kazakhstan and Azerbaijan are examining the possibility to launch a joint venture to facilitate oil transit through the territory of Azerbaijan, said Serik Zhumangarin, Minister of Trade and Integration of Kazakhstan, News.Az reports citing Kazakh media.
“Yesterday we discussed the possibility of establishing a joint venture, which would operate the said transit route by applying with a through rate, with cheap transit opportunities, the use of innovative technologies”, he said.
The minister noted that discussions regarding the establishment of the joint company between Azerbaijan and Kazakhstan took place in the framework of negotiations on the transit of Kazakh oil through the Baku-Supsa pipeline.
Kazakhstan already launched oil transit through the territory of Azerbaijan. Some 20,000 tons of oil were transited via the Baku-Tbilisi-Ceyhan pipeline in March, while 125,000 tons are expected to be supplied in April.
Overall, SOCAR and KazMunayGas, national oil companies of Azerbaijan and Kazakhstan, agreed to carry out the transit of 1.5 million tons of oil in 2023.