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Azeri SOCAR's oil shipments via Russia fall 81 pct in first quarter

Azeri SOCAR's oil shipments via Russia fall 81 pct in first quarter
04.04.2016 10:02
zerbaijan's state oil company SOCAR shipped 79,936 tonnes of oil via Russia in the first quarter, down from 423,785 tonnes in the same period last year, the state energy company said.

SOCAR resumed oil exports via the Baku-Novorossiisk oil pipeline on March 1 after a three-month hiatus.

The resumption of exports took place after SOCAR and Russian pipeline monopoly Transneft TRNF_p.MM signed an agreement on shipments on Feb. 25.
The overall volume of shipments of Azeri crude through Russia is planned at 1.3 million tonnes this year.

SOCAR's crude is better quality than Russia's Urals blend. The company receives low-sulphur crude from Transneft to fill its loading slots at Novorossiisk oil terminal.

SOCAR and Transneft have been working on a new transportation agreement since the start of the year. SOCAR stopped transit via Novorossiisk over this period.

In 2015, SOCAR shipped 1.27 million tonnes of crude via Novorossiisk compared with 1.02 million tonnes in 2014.

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