Bank Of Baku

Azerbaijan to reopen pipeline to Georgia before July

Azerbaijan to reopen pipeline to Georgia before July
# 11 March 2008 17:01 (UTC +04:00)
"The Baku-Supsa pipeline will resume operations in the second quarter of 2008," Elshad Nasirov, vice-president of Azeri state oil and gas firm Socar told reporters.
BP, which used the 120,000 barrel-per-day pipeline to ship crude from the giant Azeri-Chirag-Guneshli offshore project in the Caspian Sea, shut the route in October 2006 to repair the 150-km section at the Georgian territory.
BP has said it would re-launch the pipeline as soon as the works are over, but hasn’t given a precise timetable.
The ACG fields’ partners include Exxon Mobil, Chevron, Devon Energy Japan’s INPEX and Itochu, Turkey’s TPAO and Socar.
The group is currently producing 770,000 barrels per day at the project and expects output to hit its peak of 1 million bpd next year.
Oil is currently exported mainly via the pipeline from the Azeri capital of Baku to the Turkish Mediterranean port of Ceyhan.
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THE OPERATION IS BEING PERFORMED