![Milli Mejlis Ratifies New Contract on Deepwater Part of ACG](https://turan.az/resized/media/2017/main/103100005307-750-500-resize.webp)
Milli Mejlis Ratifies New Contract on Deepwater Part of ACG
Baku / 31.10.17 / Turan: Milli Majlis (Azerbaijan"s Parliament) today ratified a new contract for the development of the deepwater part of the Azeri-Chirag-Gunashli (ACG) oilfield until the year 2050.
The agreement, which was signed on September 14 this year, received the conventional name Contract of the New Century.
It will allow the further development of the ACG block, which currently produces 620,000 barrels of oil equivalent per day.
It is expected that in the next 32 years the project will be invested $ 40 billion. SOCAR"s share in the project is doubled and brought to 25%. In addition, the company will receive about $ 3.6 billion in bonuses.
The equity participation of other companies in the new contract will be: BP (30.37% - operator), Chevron (9.56%), ExxonMobil (6.79%), Indian ONGC (2.31%), Japanese Inpex Corp. (9.31%) and Itochu Oil (3.65%), Norwegian Statoil (7.27%), and Turkish TPAO (5.73%).
The agreement on the ACG block was first signed in September 1994 and its term expires in 2024. Due to the ratification and entry into force of the new agreement, the terms of the first contract are canceled. -06D--
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review