Turkey stands ready to discuss payment for difference in cost of Azerbaijani gas: minister

Turkey stands ready to discuss payment for difference in cost of Azerbaijani gas: minister

Azerbaijan, Baku, October 27 / Trend /

Turkey stands ready to discuss payment for the difference in the cost of Azerbaijani natural gas, which appeared after April 2008, the Minister of Energy and Natural Resources of Turkey Taner Yildiz said on Oct. 27, CNN Turk reported.

The minister said that the positions of the sides are currently being discussed. Turkey does not intend to take steps which can harm the interests of Azerbaijan.

In the near future SOCAR (State Oil Company of Azerbaijan) plans to sign a commercial agreement with Turkey on the price of Azerbaijani gas within development of the Azerbaijani Shah Deniz field.

Today Azerbaijani gas is supplied to Turkey at a price of $120 per 1,000 cubic meters. However, the cost of gas for consumers on the domestic market of Turkey is around $380 per 1,000 cubic meters.

As stated in the contract with Turkey, the price of gas from Shah Deniz field can be reviewed after one year of supply, i.e., the new price will be introduced from 15 April 2008.

Under the contract, Turkey must receive 6.6 billion cubic meters of gas from the Shah Deniz field within the first stage of this project. The project partners will ensure this volume of supply later this year.

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.

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