High Price of Oil to Accelerate Division of Oil Incomes in Azerbaijan

Azerbaijan, Baku / Trend corr. I.Khalilova / Due to change in price of oil which exceeds $90 per barrel division of the incomes from oil produced in the Azeri-Chirag-Gunashli field will be changed in 2008, Shahmar Movsumov, the executive director of the State Oil Company of Azerbaijan (SOCAR), said.

The incomes from the oil produced in the field are distributed between SOCAR (30%) and foreign oil companies (70%). It is expected that the incomes between companies to be changed, SOCAR (55%) and foreign oil companies (45).

"In 2008 the incomes may be changed, SOCAR (80%) and foreign companies (20%)," Movsumov said.