Azerbaijani insurance company completes signing contracts within Chirag oil project

Azerbaijan, Baku, Oct. 18 /Trend, A.Akhundov/

Over the next few weeks, the signing of contracts within the insurance of risks on the Chirag oil project (COP) will be completed, which implies increasing oil production on the block of offshore Azeri-Chirag-Guneshli fields, the chairman of Azerbaijani Paşa Sığorta Insurance Company Nofel Rzayev said on Monday.

Paşa Sığorta has been selected a local insurance partner of COP, and the development of the insurance part of the project is conducted jointly with American Marsh Insurance Broker.
"Today, contracts have been signed to insure construction works within Chirag oil project. And it has left to sign contracts on insurance of operational risks. This process will also be completed in the coming weeks," said Rzayev.

According to him, the contracts on the insurance of building components have been signed for the entire construction period. "The construction works have been insured for four years, and operational risks are insured each year," said Rzayev.

Since 2008, Paşa Sığorta has been a local insurance partner on projects on development of block of offshore Azeri-Chirag-Guneshli fields, Shah Deniz and Baku-Tbilisi-Ceyhan pipeline in Azerbaijani sector of the Caspian Sea.

Pasha Sıgorta has been certified by Moody's as having attained the ISO 9001: 2000 standard since 2007.

The joint agreement between the insurer and operator of oil and gas projects - BP - envisages a process of registration of insurance policies to cover operating risks, risks of liability and terrorism, and the risks of property within projects on development of block of offshore Azeri-Chirag-Guneshli fields and Shah Deniz gas field, as well as the risks of operation of the Baku-Tbilisi-Ceyhan pipeline.
Paşa Sığorta acts in partnership with the Marsh Broker Company and leading international reinsurance companies.

Pasha Sıgorta is a member of the group Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. The company authorized capital hits 20 million manat. With total assets worth 28 million manat Pasha Sıgorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time, one of the highest figures of the profitability in the country's insurance sector. Pasa Sıgorta is also a participant to the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.

Official exchange rate on Oct. 18 is 0.8015 AZN/USD.

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