Azerbaijan, Baku, July 20 / Trend /
The next meeting on increasing the price of the Azerbaijani gas, produced from the Shah Deniz field for Turkey will be held in the Nakhchivan Autonomous Republic in early August, the State Oil Company of Azerbaijan Republic (SOCAR) said. The meeting will take place between SOCAR and Turkish Botas.
Azerbaijan supplies gas to Turkey at a price of $120 per 1,000 cubic meters. As stated in the contract concluded with Turkey, the cost of gas from Shah Deniz could be reviewed one year after the start of supply, i.e. the new price would be applied dating April 15, 2008.
Under the contract, Turkey is to receive 6.6 billion cubic meters of gas from the field "Shah Deniz" in the first stage of development of the project.
The contract on development of off-shore Shah Deniz field was signed on 4 June 1996. Shah Deniz participating interests are: ВР (operator - 25.5 percent), StatoilHydro (25.5 percent), SOCAR (10 percent), LukAgip (10 percent), NICO (10 percent), Total (10 percent), and TPAO (9 percent). Field's reserve was estimated at 1.2 trillion cubic metre of gas.
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