He said there was an intergovernmental agreement between Azerbaijan and Russia on the transportation of Azerbaijan's oil through Baku-Novorossiysk.
"According to the agreement, the Azerbaijani side undertook commitment to deliver 5 million tonnes of oil per year. Unfortunately, due to objective reasons, Azerbaijan could fulfill its commitment. As a result of it, the oil pipeline did not operate at full capacity and we faced economic losses. Therefore, the agreement was invalidated. This was envisaged in the agreement and we acted in line with the legislation without violating anything," he said.
Ambassador said there are also documents to replace this agreement.
"For this, the sides have to sit for talks, SOCAR and Transneft have to discuss this issue. Maybe there is indeed no need for any agreement and once a year the sides will determine the volume and price of the oil that will be delivered. So, there are broad opportunities to find ways to solve this issue," he said.
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