Kazakh National Company KazMunayGas (KMG) and State Oil Company of Azerbaijan (SOCAR) have signed a memorandum of intent on cooperation in the Baku-Black Sea oil pipeline project, Interfax reports.
The document was signed in Baku on Friday, KMG and SOCAR said in a joint press release. "The memorandum of intent on cooperation in the Baku-Black Sea oil pipeline project defines the basic principles of cooperation including the possibility of constructing a new pipeline from the Caspian coast near Baku to the Black Sea coast on a parity basis in order to transport the Kazakh oil through the Republic of Azerbaijan as well as the efficient use of Azerbaijan's existing oil transportation systems," the press release said.