Indian refineries are interested in signing long-term contracts for purchase of Azerbaijani oil, Indian ambassador to Azerbaijan Debnath Shaw said at a press conference on July 27.
"We have presented this interest to the attention of the government of Azerbaijan and look forward to receiving a positive response, which will increase the volume of oil transit to India," said Shaw.
The volume of oil supplies depends on the result of negotiations with SOCAR. Today, Indian refineries have concluded such contracts with Saudi Arabia, Iran and the UAE.
Today, according to the ambassador, oil is the main export product from Azerbaijan to India.
India has been buying Azerbaijan oil since the launching of the Baku-Tbilisi-Ceyhan oil pipeline, but compared to previous years, the volumes have changed. If in 2008 the trade turnover between Azerbaijan and India amounted to $2 billion, part of which falls on oil, in 2009, according to information received from the State Customs Committee of Azerbaijan, the trade turnover between the countries amounted to $322 million, of which 267 million accounted for Azerbaijani exports, and $55 million on the import of Indian goods. During the five months of 2010, the trade turnover between Azerbaijan and India amounted to $261 million.
The ambassador expressed hope that by increasing the supply of oil to India, bilateral trade will exceed the figure in 2009.
"We have presented this interest to the attention of the government of Azerbaijan and look forward to receiving a positive response, which will increase the volume of oil transit to India," said Shaw.
