Novak and Shahbazov discuss possibility of supplying Russian oil to STAR refinery

Novak and Shahbazov discuss possibility of supplying Russian oil to STAR refinery

Russian Minister of Energy Alexander Novak and Azerbaijani Minister of Energy Parviz Shahbazov discussed in Baku the possibility of supplying Russian oil to the STAR refinery in Turkey, owned by SOCAR, the Azerbaijani state company, Azerbaijan's Energy Ministry reported.

The meeting was held as part of the meeting of the Monitoring Committee of OPEC Ministers and non-cartel countries, which will be held in Baku on March 18.

The ministers discussed measures to preserve stability in the global oil market within OPEC+, the state of implementation of the December agreement, as well as the bilaterial energy cooperation.

 Alexander Novak informed about measures to reduce oil production in Russia. According to him, to determine the next steps in the global oil market, it would be advisable to hold a discussion in May.

Speaking about trends in the oil market, Parviz Shahbazov stressed the importance of continuing cooperation in order to maintain price stability.

In addition. the sides also discussed the coordination of the Azerbaijan-Russia-Iran energy system, the transportation of oil to Russia, the Turkish Stream project and other issues. The parties agreed to sign a memorandum of understanding to strengthen and further develop cooperation.

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