SOCAR stops oil pumping via Baku-Novorossiisk pipeline

"The State Oil Company does not intend to resume in the first quarter of 2007 the export of oil on this route," a SOCAR source told Itar-Tass on Monday.

"It is because the volumes of oil – 240,000 tonnes, that are to be pumped through the Baku-Novorossiisk pipeline will be processed into heating oil for ensuring stable operation of the country's heating power plants that had earlier used for electricity generation predominantly natural gas imported from Russia," the official pointed out.

According to him, the gas price of 230-235 US dollars per 1,000 cubic metres offered by Russian natural gas monopoly Gazprom is not satisfactory to Azerbaijan. "We presented to Gazprom our proposals on the gas price and supply volumes for 2007, but have not received an answer so far," the SOCAR source pointed out.