Oil and gas transit through Azerbaijan drops sharply in 2023

Azerbaijan earned only 840,000 manats, or $490,000, from the transit of oil and gas (transit fee) in 2023, Report informs, citing the Cabinet of Ministers.

This was 14.48 million manats ($8.51 million), or 88.4%, lower than the budgeted amount and 88.4 percent lower than the revenue in 2022. The main reason for this decline was the disruption of the Western Export Pipeline, which carries oil and gas through the Black Sea, due to the conflict in Ukraine.

Currently, Azerbaijani oil is transported to world markets through the Baku-Tbilisi-Ceyhan (BTC) pipeline. The BTC pipeline, which has been operating since June 2006, has a daily capacity of 1.2 million barrels of oil and gas.