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Georgia Increases Import of Petroleum Products from Azerbaijan

Georgia imported 122,790 metric tons of oil and petroleum products worth $65.31 million from Azerbaijan in H1 of 2015, GeoStat said in its report on the first six months of 2015.

The supply volume of these products from Azerbaijan to Georgia has increased by 10.4 percent, while 35.5 percent decrease was observed in monetary terms [due to the fall in oil prices] compared to the same period of 2014.

Oil and petroleum products supplies from Azerbaijani to Georgia in Jan.-June, accounted for 21.4 percent of the total volume of Georgia’s import of these products, said the report.

In total, Georgia has imported $305.22 million worth oil and petroleum products since early 2015, according to the report.

Georgia imported 111,220 metric tons of oil and petroleum products worth $101.24 million from Azerbaijan in Jan.-June 2014.

The country imported $277.9 million worth products from Azerbaijan in H1 of 2015, or 5.7 percent less than in the same period of 2014.

Previously, petroleum products in Azerbaijan were produced at two refineries in Baku. Both of these refineries were included in SOCAR which annually processes around 7 million metric tons of oil produced at onshore and offshore fields with its own funds.

However, SOCAR announced about liquidation of Azneftyag oil refinery and its merger with Baku Oil Refinery named after Heydar Aliyev in December 2014.

The major part of Azerbaijani petroleum products is exported to Georgia.