SOCAR and "Transneft" today signed a new contract for the transportation of Azerbaijani oil via the Baku-Novorossiysk pipeline, Turan was told in the SOCAR.

According to SOCAR, the parties signed a new agreement "on the basis of mutually beneficial commercial terms."

From October 2007 until the present time "Transneft"  transported  the Azerbaijani oil through Russia at a rate of $15.67 per tonne. Then, the Russian side announced an increase in the rate  by two times.  SOCAR does not report at what  price  Azerbaijani oil will be delivered now.

On 14 February expired  the term of validity  of intergovernmental agreement of 18 January, 1996 between Russia and Azerbaijan on transportation of Azeri oil through Russia. Therefore, from 15 February SOCAR began transporting oil through Baku-Tbilisi -Ceyhan pipeline.

In  2013 , SOCAR exported via the Baku-Novorossiysk 1.75 million tons compared to 2.06 million tonnes in 2012.