SOCAR CEO says in talks with Rosneft to ship Russian oil to Europe

8/19/2013

SOCAR CEO says in talks with Rosneft to ship Russian oil to Europe

BY AIDA SULTANOVA

BAKU -- Rosneft is in talks with SOCAR on reversing the flow of an oil pipeline to send Russian crude to Europe via Turkey, the CEO of SOCAR said.

The pipeline from Baku to the Black Sea Novorossiyisk port has been used to export Azerbaijani oil to Europe via Russia, but production in the Central Asian country is dwindling.

Rosneft and SOCAR are in talks on reversing the pipeline's flow so that Russian oil is sent for processing to Azerbaijan and also onward to refineries in Germany and Italy via Turkey, SOCAR CEO Rovnag Abdullayev told reporters.

A Rosneft spokeswoman said she wasn't able to immediately comment.

Rosneft and SOCAR last week signed a cooperation agreement, without announcing any specific deals.

Dow Jones Newswires

 

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