The oil and gas co-operation agreement incorporates relevant arrangements on transportation and transit of Kazakhstan oil, oil refinement and petrochemistry, as well as joint use of Socar’s oil and gas infrastructure.
Meanwhile, KazMunayGas said that the memorandum regarding the trans-Caspian project is a significant step forward in the venture’s implementation. The project will see oil transported from Kazakhstan across the Caspian Sea and from Azerbaijan to international markets through the Baku-Tbilisi-Ceyhan pipeline system. The original agreement was signed in 2006.
In accordance with the executed memorandum, the parties intend to jointly implement the trans-Caspian project, which will be comprised of oil-discharge terminals on the Kazakhstan coast of the Caspian Sea, tankers and vessels, oil-loading terminals on the Azerbaijan coast of the Caspian Sea, and joining facilities up to the Baku-Tbilisi-Ceyhan system.
The trans-Caspian system is a part of the projected Kazakhstan-Caspian transportation system. At the initial stage, this system is planned to provide transportation of 500 thousand barrels per day, with further increase to 750 to 1,200 thousand barrels per day.
