Monday, 20 September 2004

BAKU CELEBRATES ANNIVERSARY OF THE \"CONTRACT OF THE CENTURY\"

Published in News Digest

By empty (9/20/2004 issue of the CACI Analyst)

Baku is celebrating 10th anniversary of the \"contract of the century\" – first international oil contract of Azerbaijan with foreign companies on processing of Caspian deposits. The president of Azerbaijan, official representatives of Turkey, Georgia, the USA and other states, foreign companies participating in Azerbaijan\'s oil and gas projects attend the ceremony. The Prime minister Zurab Zhvania represents Georgian side.
Baku is celebrating 10th anniversary of the \"contract of the century\" – first international oil contract of Azerbaijan with foreign companies on processing of Caspian deposits. The president of Azerbaijan, official representatives of Turkey, Georgia, the USA and other states, foreign companies participating in Azerbaijan\'s oil and gas projects attend the ceremony. The Prime minister Zurab Zhvania represents Georgian side. In the realization of Azeri-Chirak-Guneshli project valued at $ 12 billion 9 leading oil companies from 5 states are participating. \"Contract of Century\" has already ensured inflow of $ 7 billion in oil sector of Azerbaijan, additional incomes for 10 years of over 35 million tons of oil and 6 billion cubic meter of gas, construction of Baku-Novorosisc and Baku-Supsa. Third, main export pipeline \"Baku-Tbilisi-Ceyhan\" will be placed in exploitation next year. Through this Azerbaijan\'s exporting ability will exceed 60 million tons of oil per year. 9 million tons carbohydrates are planned to deliver on international markets by means of the mentioned functioning pipelines in 2004. In 10 years period, Azerbaijan signed 23 oil contracts with leading foreign companies with total value of over $60 billion. Contract on processing deposit of Azeri-Chirag-Gjuneshli\" was concluded on September 20, 1994. Participants of the project are BP - 34.1367%, American Unocal -10.2814%, ExxonMobil -8.0006%, Devon Energy -5.6262%, Amerada Hess -1.0413%, SOCAR - 10%, INÐEX -10%, Itochu - 3.9205%, Norwegian Statoil -8.5633%, Turkish TPAO -6.75% and Saudi Arabian Delta Oil -1.68%. (Black Sea Press)
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The Central Asia-Caucasus Analyst is a biweekly publication of the Central Asia-Caucasus Institute & Silk Road Studies Program, a Joint Transatlantic Research and Policy Center affiliated with the American Foreign Policy Council, Washington DC., and the Institute for Security and Development Policy, Stockholm. For 15 years, the Analyst has brought cutting edge analysis of the region geared toward a practitioner audience.

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