Breaking News

China Cuts Benchmark Interest Rates to Boost Economy
Tweet TWEET

BP’s BTC Pipeline Shipped Less Azeri Oil in October, Socar Says

BP Plc (BP/)’s Baku-Tbilisi-Ceyhan, or BTC, pipeline shipped less Azeri crude oil in October, according to data published today on the website of State Oil Co. of Azerbaijan, a partner in the project also known as Socar.

The link connecting Azerbaijan’s Caspian Sea coast with Turkey’s Mediterranean port of Ceyhan via Georgia delivered 2.16 million metric tons of oil last month, a decline of 18 percent from a year earlier. BTC exported 25 million tons of oil in the first 10 months of 2012, down from 27.9 million tons in the year-earlier period, the data showed. No explanation was given for the drop.

Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, reported a 7.1 percent drop in crude production to 22.2 million tons in the first half after the country’s Azeri-Chirag-Guneshli, or ACG, field cut output 12 percent, Socar said in July.

The BP-led field is expected to keep output stable at 33 million tons next year after BP was criticized by Azeri President Ilham Aliyev last month.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.