Russia Wants Pipeline Deal

Russia is interested in signing a long-term agreement (up to 15 years) with Azerbaijan on the transit of Azeri oil via Russian territory, Russian Energy Minister Igor Yusufov said Wednesday.

The two countries are currently in talks on the agreement, Yusufov said adding that the agreement will not necessarily specify amounts and tariffs.

The current capacity of the Baku-Novorossiisk pipeline, the main transit route for Azeri oil via Russia, stands at about 5 million tonnes a year.

At the same time, Azerbaijan's exports via the pipeline amount to 2.5-2.7 million tonnes a year, Yusufov said.