Thanks to implementation of the PSA contracts Azerbaijan possess the potential of services for oil and gas sector in the Caspian region. Director of the Caspian Region Oilfield Corporation Wayne Waltz told journalists on 30 August, Trend reports. In this regard he came out with the initiative of a wide use of elements of the PSA (production sharing) agreement regime for the export development.
As Waltz stated, thanks to implementation of the PSA contracts Azerbaijan possesses the potential of services for the oil and gas sector in the Caspian region. "Such export will bring both to the growth of services in the oil sector, and the industrial development. Azerbaijan should accept a long-term export strategy in the Caspian region. A special tax and customs regime for development of the export production should be introduced for its stimulation. For extending the export of the ready-made products taxes and customs dues are to be reduced while importing of the crude and assembling elements under the condition of the subsequent export of the products made. Azerbaijan needs special economic zones”, Waltz noted.