Rovnag Abdullayev, the President of the State Oil Company of Azerbaijan (SOCAR) said that if Inam PSA, Korea makes a reasonable proposal, the Company could agree upon selling part of its stake, Trend reports.
Azerbaijan holds a 50% stake in the project. Apart from SOCAR, participating in this project are Р'Р with 25% and Shell with 25%.
Earlier, KNOC Technical Group held a meeting with Р'Р executives and received technical information on the Inam project in the Azeri sector of Caspian Sea. Korea intends to purchase 20% from SOCAR's 50% stock in this project.
The Korean oil company official said Korean specialists had estimated the technical data and suggested oil reserves at Inam to be quite high, although there is a possible high-risk factor. Therefore, KNOC requested SOCAR to make a reserve re-estimation of this field.
Furthermore, the Korean corporation offered SOCAR to participate jointly in Kazakh and Turkmen projects relating to pipeline construction. Materials for the project may be located in Baku, the KNOC executive said.