Vitol and SOCAR have agreed on the transportation of Turkmen oil
Vitol and SOCAR have agreed on the transportation of Turkmen oil through the Baku-Tbilisi-Ceyhan pipeline.
The international energy and commodity trading company Vitol, headquartered in Rotterdam, the Netherlands, has signed an agreement with the Azerbaijani state Oil Company SOCAR for the transportation of 1 million tons of Turkmen oil per year via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline from October 2021, Energy Diary reports.
The agreement will cut the supply of Turkmen oil from the Russian Black Sea port of Novorossiysk by almost 50%. Currently, the transit of oil from Turkmenistan through the Russian Federation is about 160,000 tons per month. Raw materials are transported via the Caspian Sea by tankers to the port of Makhachkala and from there they are pumped through an oil pipeline to Novorossiysk. This amount is now projected to drop to 80,000 tons. Russia and Azerbaijan have been competing for Turkmen oil for a long time. With the new agreement, this competition will enter a new phase, writes Energy Diary.
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