SOCAR to receive share in oil and gas projects abroad

Oil&Gas Materials 29 August 2006 19:52 (UTC +04:00)

One of the proposals of Korean National Oil Corporation (KNOC) regarding assignment of a part of share of the State Oil Company of Azerbaijan (SOCAR) in the project for the development of the prospective facilities of Inam field may be the exchange of projects in other countries,Trend has been told in SOCAR.

KNOC has its shares in Angola, Nigeria, Kazakhstan and Uzbekistan. We consider that we also can propose something. We want to exchange the investments. The near region for us is Uzbekistan and Kazakhstan, the same source told.

Touching on the reassessment of the reserves of Inam project, it was stated in SOCAR that the company has its own project assessment.

We have our assessment and they have other assessment. Each geologist claims geological data on its own assessment.

At present, SOCAR holds assessment of possible actions on the project. Everything is assessed: prices of monies, inflation, Libor, etc. At the moment, SOCAR is continuing talks with KNOC on possible conditions of transfers, stated by SOCAR.

If KNOC makes such a proposal that covers all of our expenses and if this proposal is better than the issue that we disburse 50% of amount of field development, then the sale may take place, the same source told.