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Azerbaijani insurer completes renewal of policies on strategic energy projects

Business Materials 5 July 2010 16:38 (UTC +04:00)

Azerbaijan, Baku, July 5 / Trend U.Ismayilova /

The Azerbaijani Insurance Company Pasa Sigorta continues to work on service of strategic energy risk in BP's oil project "Azeri-Chirag-Guneshli" (ACG), gas condensate - Shah Deniz, as well as the risks of exploitation of the Baku-Tbilisi-Ceyhan and South Caucasus pipelines, the company reported.

Under these projects, the company jointly with foreign partners completed the process of renewal of insurance policies for those risks for 2010-2011 to cover operational risks, the risks of liability and terrorism and the risk of pipeline assets, the report said.

The decision to appoint Pasa Sigorta national insurer for strategic projects managed by BP was adopted in 2008 following a detailed analysis of operating procedures, technical skills of staff and financial performance of the company by the BP Risk Management with specialists Norway's Statoil and U.S. broker Marsh, Pasa Sigorta CEO Nofel Rzayev said.

" The company received a high estimate by  BP Risk Management during the first two years of work and to date, we and other stakeholders - BP as the operator of the projects, the brokerage firm Marsh and leading international Reinsurance companies - completed the process of preparation, approval and signing policies and insurance documents for the next year," Rzayev said.

Pasha Sıgorta is a member of the group Pasha Holding. It renders services to corporate and individual clients on 31 types of insurance. Pasha Sıgorta is among the five leading insurers of the country on capitalization with total assets of 20 million manat. It maintains one of the highest indices of profitability in the insurance sector of the country. Since 2007, the management system of Pasha Sıgorta has been certified by the British agency Moody on international standard ISO 9001: 2000. Since 2009 Pasha Sıgorta is a party to UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil Hydro - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, SOCAR-10 percent.

The agreement on joint development and production sharing on the project "ACG" was signed in September 1994. Duration of the agreement is 30 years.  Participants of the project are BP (operator - 34.1367 percent of share holding), Chevron (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).

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