The Baku-Supsa pipeline, which transports Azeri Light oil to the Black Sea shore of Georgia, will re-establish its activity.

The Manager of BP Georgia, Hyu Mcdowell, briefed the media on 17 April that the activity of the Baku-Supsa pipeline will be re-established after 100% guarantee is received for the security of the pipeline which transports oil from the Azeri-Chirag-Guneshli fields.

The oil transportation via Baku-Supsa pipeline was ceased by BP in autumn 2006 after anomalies were discovered on the pipeline during inspections.

Due to the increase of oil prices in the world markets, the State Oil Fund of Azerbaijan (SOFAZ) expects that the income will increase up to AZN 10bln against AZN 3.6bln forecasted earlier, in 2008, the SOFAZ Executive Director, Shahmar Movsumov, said to a press-conference dedicated to results of first quarter of 2008 on 17 April.
“Due to the increase of oil export, these incomes will come from its sale,” the Head of the Fund stated.

As a result the assets of the Oil Fund may reach AZN 9-10bln, against AZN 2.775bln ($3.336bln) as of 1 April.