10.12.2010 12:03

Azerbaijan offers Ukraine up to 8mn tons of oil

MIGnews.com

Azerbaijan offers supplying up to 8 million tons of oil to Ukraine, Ukrainian Fuel and Energy Minister Yuriy Boiko told the press.

"The profitability of the Odessa - Brody oil pipeline will be achieved when pumping at least 10 million tons of oil a year. Today we have several options for downloading. Together with the existing indirect mode of the system to pump Russian oil there are proposals from Belarus for transit of Venezuelan oil of up to 5 million tons per year and proposals from Azerbaijan to supply Ukraine with 8 million tons a year in direct mode," the minister stressed.

"If they are supported by certain futures contracts that will guarantee the indicated amount of pumping for several years, it will be an economic basis for the work of the Odessa Brody pipeline in direct mode," Boiko said.

In addition, he noted that given the international researches on the development of oil market in Europe, as well as increased volumes of oil production in the Caspian region, the project of oil transportation to European customers on the route of the marine oil terminal Yuzhny - Odesa - Brody - Plock (Euro- Asian Oil Transportation Corridor Project - EAOTC) will be of strategic importance not only for Ukraine but for Europe.

In early December, the Cabinet approved a draft memorandum with the Government of the Republic of Azerbaijan on cooperation in organizing the supply of liquefied natural gas to Ukraine.

Earlier, Azerbaijani President Ilham Aliyev declared that Azerbaijan was ready to increase oil supplies to Ukraine in the future.UKRINFORM

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