After 10-month hiatus, Azerbaijan begins crude oil exports to India

New Delhi: Azerbaijan has resumed crude oil exports to India after a 10-month hiatus, signalling a thaw in bilateral ties, with the 2 international locations checking out the pricing problem that had led to the halting of provide, in response to folks conversant in the matter. In August, Azerbaijan exported 1,747.07 tonnes of crude oil to India, valued at $781,520, in response to its customs information.

Power cooperation has been the principle pillar of financial relations between the 2 international locations. In 2024, India was the fourth largest purchaser of petroleum and petroleum merchandise from Azerbaijan, having imported 1.17 million tonnes of the commodities price about $729 million. In 2022 and 2023, India was the third largest purchaser, importing greater than 2 million tonnes annually, for $1.6 billion and $1.2 billion, respectively.

Apart from being a serious purchaser of petroleum merchandise, India can also be a big investor in Azerbaijan. ONGC Videsh Ltd (OVL) has invested greater than $ 1.2 billion in buying stakes within the Azeri-Chirag-Gunashli (ACG) oil and fuel fields and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, in response to a quick by the Indian Embassy in Baku.
In 2024, OVL accomplished acquisition of a further 0.615% taking part curiosity within the ACG oil and fuel area from Equinor at an funding of $60 million. The deal included acquisition of 0.737% shares of Equinor within the BTC pipeline. The buyout from Equinor raised OVL's stake within the ACG oil and fuel area to 2.925% and within the BTC pipeline to three.097%.