- Stronger Yuan Needed for Global Rebalancing: IMF Chief
- Washington Not Trying to Contain China: Obama
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Quiz: How Much Do You Know About Green?
- Analysis: APEC Nations Back Face-Saving Climate Plan
- BlackRock: Central Banks To Be Net Buyers of Gold
- GM to Start Repaying $6.7 Billion US Government Loan
- Canon to Buy Dutch Oce in $2.2 Billion Deal
- Shift Into High-Quality Stocks Could Move Market Higher
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
MOST SHARED
- U.S. May Wind Up Green With Envy
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Analysis: APEC Nations Back Face-Saving Climate Plan
- For Investors, The New Green Looks To Be White
- Dipping Into Green Investing
- Sustainability Indices Sprouting Up
- EADS Cautious on Full-Year Forecast after Earnings Dip
- Stronger Yuan Needed for Global Rebalancing: IMF Chief
- Taking a Page from Obama's Asia Agenda in Investing
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.
![]() |
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.
All Azerbaijan's ports are on the landlocked Caspian Sea, which means it has to use Georgian or Russian ports on the Black Sea or Turkey's Mediterranean outlet at Ceyhan.
SOCAR opened the Kulevi oil terminal in May after buying it two years ago. It planned to ship 5 million tonnes of oil and oil products annually through the facility.
- Where, what, how.
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.












