The State Oil Company of the Azerbaijani Republic (SOCAR) and Transneft (MOEX: TRNF) have signed an agreement on the transportation of Azerbaijani oil through the Baku-Novorossiysk oil pipeline in 2017. The contract with Transneft was already signed and envisages the transportation through the Baku-Novorossiysk oil pipeline in 2017 of about 1.5 million tonnes of Azerbaijani oil. Of this, the volume of 325,000 tonnes was announced for pumping in first quarter of 2016. According to SOCAR, 1.22 tonnes of oil were pumped through the Baku-Novorossiysk oil pipeline in 2016.