Azerbaijani national insurance partner intends to prolong agreement on big energy projects for year
Azerbaijan, Baku, July 2 / Trend U. Ismayilova /
One of Azerbaijani biggest insurance companies - Pasha Sigorta intend to continue operating as local national insurance partner on development of oil and gas fields Azeri-Chirag-Guneshli, Shakh Deniz and Baku-Tbilisi-Ceyhan pipeline, director general of the company Nofel Rzayev said on July 2.
"The agreement will be resumed for 2010 one of these days," Rzayev said.
Presently, process of all polices covering is being held, he said. No big insurance cases occurred within these projects in 2008. No big amounts were paid, Rzayev said. "Only one insurance case happened. Presently, it is under stage of payments," director general of the company said.
Pasha Sigorta got certification in London for role of strategic local national insurance partner in July 2008.
Joint agreement envisages insurance polices registration on covering operation risks, risks on responsibility and terrorism and risks on property in development of oil fields bloc Azeri-Chirag-Guneshli and gas-condensate field Shakh Deniz, as well as risks on Baku-Tbilisi-Ceyhan pipeline exploitation.
Partners of Pasha Sigorta national insurer on the project are BP as operator, broker firm Marsh and leading international reinsuring companies.
Contract for development of Shakh-Deniz field was signed On June 4, 1996. Participants of the agreement include BP (operator) -25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO- 9 percent, State Oil Company of Azerbaijan - 10 percent.
Participants of the project on development of big offshore field Azeri-Chirag-Guneshli include BP (operator- 34.1367 percent of share holding), ChevronTexaco (10.2814 percent), SOCAR (10 percent), INPEX (10 percent), Statoil (8.5633 percent), ExxonMobil (8.006 percent), TPAO (6.75 percent), Devon Energy (5.6262 percent), Itochu (3.9205 percent), Delta Hess (2.7213 percent). Amount of necessary capital investments hits $20 billion.
Pasha Sigorta is member of Pasha Holding. It renders services to corporative and individual clients on 30 kinds of insurance via central office in Baku and service departments in Sumgait and Khirdalan. Taking into account insurance fees, Pasha Sigorta collected 2.1 million manat in January-April given payments in the amount of 0.65 million manat.
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