KMG and SOCAR strengthening their partnership

Askhat Khassenov, Chief Executive Officer of NC KazMunayGas JSC (KMG), during his visit to Baku on July 24-26, met with the President of State Oil Company of the Azerbaijan Republic (SOCAR) Rovshan Najaf to hold negotiations.

The parties mainly discussed key cooperation issues. In 2022, we should remind, KMG and SOCAR signed a five-year Aktau-Baku-Ceyhan Oil Transit Agreement for transportation of the annual 1.5 million tons of crude oil.

Stable supply of Kazakh oil was noted at the meeting as well. In 2023, the amount of oil shipped from the port of Aktau was 1.057 million tons, and in the first half of this year this indicator was more than 700 thousand tons.

As Mr. A. Khassenov noted KazMunayGas has a goal to further develop this export route. Currently, KMG together with its partners is studying the options to increase the supplies of Kazakh oil through the Trans-Caspian route. 

Chief Executive Officer expressed his confidence in the two companies' joint initiatives success.

Additionally, at the meeting the parties discussed the prospects of cooperation in the field of decarbonization.

Mr. A. Khassenov, during his stay in Baku, studied the operations of the BP Sangachal and Azertrans terminals involved in the transit of Kazakh oil. He also boarded the AKTAU Kazakh tanker, where he met and talked with the crew members.

For information:

National Company KazMunayGas JSC (KMG) is a leading vertically integrated Kazakh oil and gas company. KMG owns assets across the entire production cycle from exploration and production of hydrocarbons to transportation, refining and specialized services. The Company founded in 2002 represents interests of Kazakhstan in the oil and gas industry.