Russian-Azerbaijani deal for oil transfer expires

Russian-Azerbaijani deal for oil transfer expires

 

Russian Prime Minister Dmitry Medvedev signed the order on expiration of the Russian-Azerbaijani deal on oil transit of Azerbaijan through Russia using the Baku-Novorossiysk Pupeline.

The document was signed in 1996 to transit 5 million tons of Azerbaijani oil every year at a fee of $15.67 per ton. Transneft spokesman Igor Dyomin said that Azerbaijan was only transiting 2 million tons of oil through the pipeline every year. Such low volumes are detrimental for Russia.

Transneft offered reduction of the quota for oil transfers to 3-3.5 million tons in August 2011. Transneft was losing $50 million annually by maintaining the half-empty pipeline.

 

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