Weekly economic review (07.06- 12.06.2010)
Azerbaijan and Turkey signed an agreement on a package of gas issues in Istanbul on June 7. A declaration for the transit of Azerbaijani gas through Turkey and the cost of gas within the first and second stages of development of Azerbaijan gas condensate field Shah Deniz has been signed by Azerbaijani Minister of Industry and Energy Natiq Aliyev and Turkish Minister of Energy and Natural Resources Taner Yildiz with the participation of Azerbaijani President Ilham Aliyev and Turkish Prime Minister Recep Erdogan.
SOCAR President Rovnag Abdullayev (State Oil Company of Azerbaijan) and Botas general manager (Turkish state pipeline company) Fazil Senel signed an agreement on terms and mechanisms for the sale and transit of Azerbaijani gas.
After signing SOCAR President said that today another historic step towards the development of energy cooperation between our companies and our fraternal countries has been made. The agreements signed today will create the possibility of implementing new large-scale projects, comparable to the success of realized projects of Baku-Tbilisi-Ceyhan oil pipeline and Baku-Tbilisi-Erzurum gas pipeline.
The agreement involves a change in prices for Azerbaijani gas for Turkey in the first stage of gas-condensate field Shah Deniz, gas prices under the second phase of the project, as well as the transit of Azerbaijani gas through Turkey.