Azeri parliament ratifies oil-pumping agreement with Kazakhstan

The agreement was signed by the presidents of Azerbaijan and Kazakhstan, Ilkham Aliyev and Nursultan Nazarbayev, in Astana on June 16, 2006.

It envisions that about five million tonnes of Kazakh oil will be transported annually via the territory of Azerbaijan by the new trans-Caspian oil transportation network.

However, over years that volume will be increased up to 25 million tonnes of oil annually.

According to experts' estimates, the project implementation will cost about three million U.S. dollars. Those funds are necessary for creating a tanker fleet and an appropriate infrastructure on the eastern and western coasts of the Caspian Sea. Itar-Tass