State Oil of Azerbaijan, Russia's Transneft sign new oil transit deal

Feb. 19, 2014 at 5:39 AM
Sign up for our Energy Newsletter

BAKU, Azerbaijan, Feb. 19 (UPI) -- The State Oil Co. of Azerbaijan said it agreed to resume sending oil through the Baku-Novorossiysk oil pipeline after lengthy talks with Russia's Transneft.

"Resumption of oil transportation through the territory of Russia will create opportunities for expanding export routes of Azerbaijani oil to the world markets," the company said in a statement Tuesday.

In January, Transneft said its pipeline transit was in jeopardy because Azerbaijan hadn't signed the necessary agreements for oil transit.

Related UPI Stories
Latest Headlines
Trending Stories
Chelsea Clinton accidentally calls Bernie 'President Sanders'
Watch every star-studded Super Bowl commercial of 2016
Susan Sarandon responds to Piers Morgan criticizing cleavage
Two Virginia Tech students plotted 13-year-old's death, prosecutors said
Colin Powell, Condoleezza Rice got classified email on private accounts