KazMunayGas and SOCAR keep on successful realization of Transcaspian project

August 28. Azerbaijan Business Center. Baku

KazMunayGas and SOCAR keep on successful realization of Transcaspian projectKazMunayGas JSC and the State Oil Company of Azerbaijan  (SOCAR) keep on successful realization of  project within the Agreement on Strategic Cooperation in oil and gas field and Memorandum for Joint Realization of Transcaspian project.

Kazakh ambassador to Azerbaijan Serik Primbetov reports that Kazmunaygaz and SOCAR conduct work to establish joint venture to launch   building of new port Kurik lower than Aktau.

“The port will be used for transportation of oil in Baku for the further transporting via pipeline Baku-Tbilisi-Ceyhan and for transporting in the Persian Gulf,” S. Primbetov said.

According to him, start of transportation of oil is connected with  putting into operation of oil pipeline Kashagan field to Kurik.

“Oil production in Kashagan deposit should have started yesterday, but there are certain delays, connected with  complication of its  geological bedding of oil, where there is sulfur content. Industrial development of Kashagan is scheduled for late 2013. The  government conducts work in this direction. By  this time the oil pipeline should  be built running from the  deposit to new port in Kurik,” ambassador said.

To remind, Agreement on Strategic Cooperation in oil and gas field and Memorandum for Joint Realization of Transcaspian project were signed in Astana on August 8, 2007.

The Agreement declares mutual purposes to continue mutually beneficial cooperation in oil and gas field and contains agreements for transportation and transit of Kazakhstan oil, oil refining and oil chemistry, and joint use of SOCAR oil and gas infrastructure.

The memorandum is the next step of Transcaspian Project. The Project’s basic was set in signed in June 2006 between Presidents of Azerbaijan and Kazakhstan, Contract on Assistance and Support of Oil Transportation from Kazakhstan through Caspian Sea and Azerbaijan to international markets via Baku-Tbilisi-Ceyhan (BTC) oil pipeline.

According to the Memorandum, the sides are going to jointly realize Transcaspian Project which includes bulk-oil terminals at Kazakhstan shore of Caspian Sea, tankers and ships, bulk-oil terminals at Azerbaijan shore of Caspian Sea and connecting constructions to BTC system.

Transcaspian system is a part of projected Kazakhstan Caspian Transportation System. It is planned that the System will provide at the first stage the transportation of 500 000 barrels a day (23 million tons annually) with further increase 750 000- 1 200 000 barrels a day (35-56 million tons annually).

http://abc.az/eng/news/main/37913.html

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