Do More With Reuters
Partner Services

Azerbaijan halts oil exports from 2 Georgian ports

Sun Aug 10, 2008 12:19am IST
 
Email | Print | | Single Page
[-] Text [+]

BAKU, Aug 9 (Reuters) - Shipments of oil and oil products from two of Georgia's ports have been suspended because of fighting in the ex-Soviet state's breakaway South Ossetia region, Azeri state energy firm SOCAR said on Saturday.

"There have been no shipments coming to or from the Batumi and Kulevi ports since last night," SOCAR head Rovnag Abdullayev said on Azeri television.

SOCAR uses the ports to export crude and refined products.

Georgian forces entered South Ossetia on Thursday to try to restore central government control over the region, an operation that prompted a military response from Russia.

Reports of casualties put the combined number of dead at more than 2,000.

"These circumstances amount to force majeure and tomorrow, together with BP, we will examine the situation," Abdullayev said.

British oil company BP and SOCAR have a production-sharing deal in the Caspian Sea.

SOCAR would consider using the Baku-Novorossiisk pipeline which exports oil via Russia to Europe, he said, although its relatively small capacity of between 10,000 and 12,000 tonnes per day could pose a problem.

"All 47 people we have working in Kulevi left the area today due to the problem," Abdullayev added.  Continued...

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Sanjay Sinha
Balancing Act

In India, it is a tough choice between growth, managing inflation and financial stability.  Full Article 

 
Nipun Mehta
Road to Recovery

There needs to be an acceptable balance created between education and healthcare and infrastructure spend, says Nipun Mehta of SG Private Banking.   Full Article 

 
Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article