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

Feb. 19, 2014 at 5:39 AM
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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.

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