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SOCAR to assume commercial leadership in Shah Deniz development project

Oil&Gas Materials 6 July 2010 20:53 (UTC +04:00)

Azerbaijan, Baku, July 6 /Trend, E.Ismayilov/

SOCAR (State Oil Company of Azerbaijan) is preparing to assume the primary role in the issue of commercial negotiations and to address other non-commercial issues within the project of the second stage of the development of Shah Deniz gas-condensate field, a senior official of SOCAR said.

"We [SOCAR] had a meeting with partners, where we discussed a range of issues that determine further action. SOCAR acts as the leader of the Shah Deniz project partners". [...] After receiving a mandate, we will be able to conduct detailed commercial negotiations, which should satisfy the Turkish side and the Azerbaijani side, as well as partners," said the representative of SOCAR.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. The parties to the Agreement are: BP (operator) -25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO-9 percent, SOCAR - 10 percent.
Now gas is transported to Georgia and Turkey via South Caucasus Pipeline.

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