Azeri January to July Oil Shipments Via Russia Fall 34%

Reuters

BAKU, Aug 1 (Reuters) - Azerbaijan's state oil company SOCAR shipped 559,065 tonnes of oil via Russia in the seven months to the end of July, down from 845,757 tonnes in the same period last year, it said on Monday.

SOCAR resumed oil exports via the Baku-Novorossiisk oil pipeline on March 1 after SOCAR and Russian pipeline monopoly AK Transneft signed an agreement on shipments on Feb. 25 after a three-month hiatus while they negotiated a new deal.

The overall volume of shipments of Azeri crude through Russia is expected to total 1.3 million tonnes this year.

SOCAR's crude has a lower sulphur content than Russia's Urals blend. The company receives crude from Transneft to fill its loading slots at the Novorossiisk oil terminal.

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

(Reporting by Nailia Bagirov; Writing by Margarita Antidze; Editing by David Goodman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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