Azerbaijani Economy 12 october — 13:26

Talks between LUKOIL and SOCAR on Russian oil export

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Russian company LUKOIL is negotiating with the Azerbaijani state oil company SOCAR the continuation of Russian oil supplies via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline. This was reported on Thursday by the Trade Director of company 'Litasco' (100% subsidiary of LUKOIL), Alexei Dzyuba at the Argus International Oil Summit 2017 in Baku.

'Negotiations are under way, we are working with SOCAR in this direction,' he said.

The total length of the BTC pipeline is 1,768 kilometres, of which 443 kilometres run through Azerbaijan, 249 kilometres through Georgia and 1,076 kilometres through Turkey. Construction of the pipeline began in 2003, and its filling with oil - in 2005.

The shareholders of BTC Co, which was established on 1 August 2002 for the implementation of the project, are BP (30.1 per cent), AzBTC (25 per cent), Chevron (8.9 per cent), Statoil (8.71 per cent), TRAO (6.53 per cent), Eni (five per cent), Total (five per cent), Itochu (3.4 per cent), Inpex (2.5 per cent), CIECO (2.5 per cent) and ONGC (2.36 per cent).

The international oil summit was organised by the global international price agency Argus with the support of the general partner - SOCAR.

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