Azerbaijan, Baku, Jan.7 / Trend E.Ismayilov /
Branch of Balakhani Operating Company Ltd. was registered in Azerbaijan, one-stop shop of the Azerbaijani ministry of taxes reported on Friday.
The head of the branch is Jurgen Schlossmacher (Germany). The founder is Balakhani Operating Company Ltd (Virgin Islands).
SOCAR and UGE-Lanser PTI company signed a contract for the rehabilitation, development and production section (PSA) on onshore block of fields Balakhani-Sabunchu-Ramani and Kurdahani in June 2010. The contract covers an area of 16.14 square kilometers.
The contract was signed for 25 years, with a possible extension for another five years. Lanser got about 75 percent of equity participation in the contract and SOCAR -25 percent.
The fields Balakhani-Sabunchu-Ramani have been developed since 1871.