Middle East Petroleum exports via Azerbaijan to fall to 6 mln T in 2015

Business

13:02 | 12.03.2015

Middle East Petroleum exports via Azerbaijan to fall to 6 mln T in 2015

Middle East Petroleum Farm, a Dubai-based branch of the Azeri Azersun Holding, will see its oil and oil products' shipments via Azerbaijan fall to 6 million tonnes in 2015 from 7.5 million tonnes in 2014 due to lower global oil prices, the holding's president said.

"Companies, which produce oil in Kazakhstan and Turkmenistan, don't want to boost oil sales as it's not commercially viable due to the decline in oil prices," Abdulbari Gozal told Reuters.

Middle East Petroleum Farm ships oil and oil products from Kazakhstan and Turkmenistan via Azerbaijan, Georgia and Turkey by pipeline and rail.

Gozal said Middle East Petroleum shipped 5 million tonnes of oil and 2.5 million tonnes of oil products in 2014.

Azerbaijan's total oil exports dropped 3.5 percent to 33.04 million tonnes in 2014 from 34.25 million in 2013. The country exported 1.558 million tonnes of oil products last year, up from 1.046 million in 2013 as it started exports of fuel oil and VGO (vacuum gas oil).

ANN.Az