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Kazakhstan and Azerbaijan discussed the project of creating a joint venture for the development of the Trans-Caspian International Transport Route.

This became known on March 9, 2022 in Baku at a meeting of the Government of the Republic of Azerbaijan and the Kazakh delegation, which included Kazmortransflot headed by Aidar Orzhanov and the Chairman of the Board of Samruk-Kazyna JSC.

"The new joint venture will solve the issues of end-to-end tariff setting and cargo declaration, apply unified IT solutions and consolidate transit cargo on this route. During a conversation with Azerbaijani Economy Minister Mikail Jabbarov, Chief Executive Officer of the Azerbaijani Investment Holding Ruslan Alikhanov, Acting President - First Vice President of SOCAR Rovshan Najaf and other officials, representatives of the Kazakh delegation noted the urgency of reorienting export cargo flows from Kazakhstan to Europe via the trans-Caspian route."

The sides outlined a significant potential for cooperation in the field of oil transportation through Azerbaijan, which can become an alternative to existing routes. Also, as reported, the Kazakh delegation met with the Minister of Digital Development and Transport of the Republic of Azerbaijan Rashad Nabiyev."

During the meeting, discussions were held on the unification of transport tariffs along the corridor, synchronization of customs procedures to increase the volume of cargo transportation along international transport corridors passing through the countries. It was noted that the events taking place in the region and the geopolitical situation have created a new reality. There is already a risk that demand will exceed supply, and these factors will eventually affect the end user. So, both the cost of delivery and the waiting period will increase. This reality dictates the consideration of a new framework of cooperation and the establishment of transit and transport links," the Kazakh company said.

Following the meeting, a protocol was signed on the establishment of a joint venture and the implementation of transport and logistics activities between Samruk-Kazyna JSC and the Ministry of Digital Development and Transport of Azerbaijan.