The new President and Vice President of Operations of Statoil Azerbaijan were introduced to the senior management of the State Oil Company of Azerbaijan (SOCAR), Trend reports.
The six-year term in office of Georg Gundensen in the Post of President of Statoil Azerbaijan ended and he was replaced by Christian Houskan, while Rune Hansen was promoted to the post of the Vice President of Operations.
By the end of 2005, Statoil has invested a total of $2,288.9 mln in Azerbaijani economy under the oil and gas projects since the commencement of its operations in Azerbaijan in 1992. Statoil is participating in 3 big projects in Azerbaijan, including the Production Sharing Agreement on Azeri-Chirag-Guneshli fields (8,5633%), the Shah Denis gas field (25.5%) and the Araz-Alov-Sharg field (15%). Statoil is also a commercial operator on gas export from Shah-Deniz. The Araz-Alov-Sharg project has been suspended temporarily.