SOCAR Trading is negotiating the extension of Russian oil purchase from the Korchagin field for transportation via Baku–Tbilisi–Ceyhan pipeline to the international markets, Executive Chairman at SOCAR Trading S.A. Adnan Ahmadzada said.
Report informs that Ahmadzada was speaking to journalists on the sidelines of the 9th Azerbaijan-Russia Interregional Forum.
"Russian oil from the Korchagin field is exported via the Baku-Ceyhan oil pipeline for already five years. Nearly 2 mln tons of oil are transported every year. Now the contract is over, and we are negotiating its extension," Ahmadzada said.
Notably, LUKOIL is the operator of the Yuri Korchagin field located in the northern water area of the Caspian Sea. According to the company's website, the field has been developed since 2010. Its 3P hydrocarbon reserves exceed 270 mln barrels of oil equivalent.