India-Azerbaijan energy ties: Crude oil shipments to New Delhi restart after 10-month halt; pricing dispute settled
In August, Azerbaijan exported 1,747.07 tonnes of crude oil to India, valued at $781,520, according to its customs data, as cited by ET.Energy cooperation has been a key pillar of economic relations between the two countries.
In 2024, India was the fourth-largest buyer of petroleum and petroleum products from Azerbaijan, importing 1.17 million tonnes worth about $729 million.
In 2022 and 2023, India ranked third, with imports exceeding 2 million tonnes annually, valued at $1.6 billion and $1.2 billion, respectively.Besides being a major buyer of petroleum products, India is also a significant investor in Azerbaijan.
ONGC Videsh Ltd (OVL) has invested over $1.2 billion in acquiring stakes in the Azeri-Chirag-Gunashli (ACG) oil and gas fields and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, according to a brief by the Indian Embassy in Baku.In 2024, OVL completed the acquisition of an additional 0.615% participating interest in the ACG oil and gas field from Equinor for $60 million.
The deal also included 0.737% shares of Equinor in the BTC pipeline.
The buyout raised OVL’s stake to 2.925% in the ACG field and 3.097% in the BTC pipeline.
