Font size:
+A
-A
Mode:
Return to the normal mode
Switch to the mode for the visually impaired
Site Map Press center Career Contacts
ENG
Company Investors Sustainable development Procurement
Company
About us Business Lines Projects
Corporate Governance
Corporate Governance Shareholders Board of Directors Management Board Corporate Secretary Ombudsman Compliance Internal Audit Service Risk Management and Internal Control
Corporate documents
Investors
Investors Reporting Investor's Calendar Dividends General Meeting of Shareholders Bonds and Credit Ratings
IPO materials
IPO
Frequently Asked Questions
Sustainable development
Sustainable development
Environmental Responsibility
Environmental Management Air protection Water Management Waste management Biodiversity conservation
Social Responsibility
Social Responsibility Personnel policy Occupational Safety and Health Industrial Safety Crisis and Emergency Management for effective production management
Corporate Governance
Corporate Governance Shareholders Board of Directors Management Board Corporate Secretary Ombudsman Compliance Internal Audit Service Risk Management and Internal Control
Procurement
Site Map Press center Career Contacts

KMG and SOCAR sign Agreement on Phased Increase in the Transit Volumes

12.03.2024

On 11 March in Baku, Azerbaijan, NC KazMunayGas JSC (KMG) and the State Oil Company of Azerbaijan Republic (SOCAR) signed the Agreement on Phased Increase in the Volumes of Kazakh Oil Transit across the Territory of the Azerbaijan Republic and the Memorandum of Strategic Cooperation in Sale and Purchase of the Kazakh Oil.

The bilateral documents were signed by Magzum Mirzagaliyev, Chair of KMG's Management Board and Rovshan Najaf, President of SOCAR, in the presence of Presidents of the Republic of Kazakhstan and the Azerbaijan Republic.

The Agreement on Phased Increase in the Transit Volumes of the Kazakh Oil across the Territory of the Azerbaijan Republic provides for an increase in the volumes of the Kazakh oil shipments along the Aktau-Baku-Tbilisi-Ceyhan route to 2.2 mn tonnes annually.

Under this Agreement, the parties will continue discussing the matters of decreasing the tariffs of transportation along the Aktau-Baku-Tbilisi-Ceyhan route, as well as transporting the Kazakh oil along the Baku-Supsa route.

You will recall that in 2022, KMG and SOCAR entered into the Agreement on Oil Transit along the Aktau-Baku-Tbilisi-Ceyhan route with the annual volume of 1.5 mn tonnes.

The Memorandum of Strategic Cooperation in Sale and Purchase of the Kazakh Oil establishes general conditions and principles of sale and purchase of the Kazakh oil for further processing at SOCAR group's refineries, as well as subsequent trading on the regional and global markets.

“The documents that we have signed today make an additional contribution to the strengthening of the strategic partnership between our companies in terms of the Kazakh oil transportation to the global markets,” M. Mirzagaliyev noted.

Reference information:

State Oil Company of Azerbaijan Republic (SOCAR) is a global energy company, headquartered in Azerbaijan and specializing in the production, processing and distribution of energy. Being the largest integrated energy business in the South Caucasus region, the company has extensive presence worldwide.

National Company “KazMunayGas” JSC (KMG) is Kazakhstan's leading vertically-integrated oil and gas company. KMG is managing assets throughout the entire production cycle, ranging from exploration and production of hydrocarbons to transportation, refining and provision of specialized services. The company, founded in 2002, represents Kazakhstan in the country's petroleum sector.

JSC NC KazMunayGas

On 11 March in Baku, Azerbaijan, NC KazMunayGas JSC (KMG) and the State Oil Company of Azerbaijan Republic (SOCAR) signed the Agreement on Phased Increase in the Volumes of Kazakh Oil Transit across the Territory of the Azerbaijan Republic and the Memorandum of Strategic Cooperation in Sale and Purchase of the Kazakh Oil.

The bilateral documents were signed by Magzum Mirzagaliyev, Chair of KMG's Management Board and Rovshan Najaf, President of SOCAR, in the presence of Presidents of the Republic of Kazakhstan and the Azerbaijan Republic.

The Agreement on Phased Increase in the Transit Volumes of the Kazakh Oil across the Territory of the Azerbaijan Republic provides for an increase in the volumes of the Kazakh oil shipments along the Aktau-Baku-Tbilisi-Ceyhan route to 2.2 mn tonnes annually.

Under this Agreement, the parties will continue discussing the matters of decreasing the tariffs of transportation along the Aktau-Baku-Tbilisi-Ceyhan route, as well as transporting the Kazakh oil along the Baku-Supsa route.

You will recall that in 2022, KMG and SOCAR entered into the Agreement on Oil Transit along the Aktau-Baku-Tbilisi-Ceyhan route with the annual volume of 1.5 mn tonnes.

The Memorandum of Strategic Cooperation in Sale and Purchase of the Kazakh Oil establishes general conditions and principles of sale and purchase of the Kazakh oil for further processing at SOCAR group's refineries, as well as subsequent trading on the regional and global markets.

“The documents that we have signed today make an additional contribution to the strengthening of the strategic partnership between our companies in terms of the Kazakh oil transportation to the global markets,” M. Mirzagaliyev noted.

Reference information:

State Oil Company of Azerbaijan Republic (SOCAR) is a global energy company, headquartered in Azerbaijan and specializing in the production, processing and distribution of energy. Being the largest integrated energy business in the South Caucasus region, the company has extensive presence worldwide.

National Company “KazMunayGas” JSC (KMG) is Kazakhstan's leading vertically-integrated oil and gas company. KMG is managing assets throughout the entire production cycle, ranging from exploration and production of hydrocarbons to transportation, refining and provision of specialized services. The company, founded in 2002, represents Kazakhstan in the country's petroleum sector.

>