Russia and Azerbaijan may sign a new agreement on oil transit from the Caspian field to Novorossiysk, Russian FM said.

On Tuesday, Sergey Lavrov held talks with his Azerbaijani counterpart Elmar Mammadyarov.

A treaty on oil transit through Russia’s territory on route Moscow- Novorossiysk was dissolved on Russia’s initiative in early May, RBK reported.

“The pipe was not filled, it was not profitable for the Russian side. The reason was purely economic,” Lavrov said.

At the moment the energy agencies of the states are preparing a new agreement that will reflect today’s reality, not the reality of 1996, when the agreement was signed, he added.