SOCAR says no reduce on spending on strategic projects
Baku, Azerbaijan, March 11
By Maksim Tsurkov - Trend:
The State Oil Company of Azerbaijan (SOCAR) is not going to reduce the spending on the strategic projects in connection with the decrease in oil prices, SOCAR's first vice-president Khoshbakht Yusifzadeh told reporters on Mar.11.
The oil prices in world markets have significantly dropped since mid-2014 and currently are lower than $60 per barrel.
Yusifzadeh said that oil prices are volatile.
"When we signed the Contract of the Century in 1994, the oil price was $16 per barrel. It has repeatedly risen and fallen since then," he said, adding that it is a normal process.
Naturally, SOCAR will have to reduce certain expenditures, but this will not affect such strategic work as exploration of new reserve, drilling and production, according to the company's first vice-president.
Currently, SOCAR is the participant in the project of the Stage 2 of development of Shah Deniz gas and condensate field and Southern Gas Corridor. The total cost of these projects is estimated at $45 billion.
Meanwhile, the company's large projects are being implemented in Turkey.
Moreover, it is planned to create a new oil and gas processing, petrochemical complex in Azerbaijan.
Edited by SI
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