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Azerbaijan and Kazakhstan to launch a new phase of the Trans-Caspian project

01 October 2009 15:46 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijanâ€™s state oil company SOCAR and Kazakhstan’s KazMunaiGaz are begining a new phase of the Trans-Caspian oil project.

Elshad Nasirov, vice-president of SOCAR, said that another agreement on the project will be signed by SOCAR and KazMunaiGaz during Kazakhstan President Nursultan Nazarbayevâ€™s visit to Baku.
"The document will cover issues such as the establishment of a joint venture for the construction of Trans-Caspian transport system, performance of feasibility study, development of opportunities for the mutual use of infrastructure by SOCAR and KazMunaiGaz, increase of the transportation of Kazakh oil via Azerbaijan etc.".

The parties signed an agreement on implementation of the Trans-Caspian project in June 2006, an agreement on the basic principles of the project in November 2008.

1.2 million tonnes of Kazakh oil was transported through the Baku-Tbilisi-Ceyhan pipeline in January-August 2009.