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Russia and Azerbaijan mull new projects on Caspian Sea offshore zone — Russian Deputy PM

According to Alexander Novak, Russia and Azerbaijan "have long-standing ties in gas and oil and gas sectors, and there are joint projects in progress"

MOSCOW, August 19. /TASS/. Russia and Azerbaijan are considering the possibility of implementing new joint projects, including in the offshore zone of the Caspian Sea, said Russian Deputy Prime Minister Alexander Novak.

"Basically, there are a number of new projects, including on the Caspian offshore zone, which are being considered for potential joint implementation," he told RT.

According to Novak, Russia and Azerbaijan "have long-standing ties in gas and oil and gas sectors, and there are joint projects in progress."

"In particular, a project known as Shah Deniz, where our Russian company Lukoil holds almost 20%, has invested a large amount. We have projects related to the supply of oil and oil products," the Deputy Prime Minister said.

Novak added that the countries are also developing cooperation in the electric power industry.

A year ago, Novak said that Russia proposed expanding the Tikhoretsk-Baku oil pipeline for reverse oil supplies from Russia to Azerbaijan and in this case the volumes could reach 4 million tons. Also, following Novak's meeting with Azerbaijani Economy Minister Mikayil Jabbarov, the Russian government reported that the countries were discussing the participation of Russian oil and gas companies in new production projects in Azerbaijan, scaling up their fuel sales business in the country.

Today, Russian President Vladimir Putin is meeting with Azerbaijani leader Ilham Aliyev in Baku.

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Alexander Novak

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