“Shah Deniz” consortium signed two new contracts

Baku. 1 October. REPORT.AZ/ Within the project Stage-2 consortium on development of the field "Shah Deniz" signed two new contracts worth a total of 200 million dollars.

Report informs referring to the consortium statement, contracts have been signed with the company Bredero Shaw International BV on the insulation of subsea pipelines and subsea primary export line. Insulation work will begin in late 2014, which will allow to provide  pipes for the  first phase of work on laying pipelines in 2015 and  second phase of works, which foreseen for 2018.

The statement notes that after the final investment decision on the second phase of development, "Shah Deniz" consortium contracts, including engineering-designing, construction and operation of supply totaling 9 bln dollars.

The contract to develop the field "Shah Deniz" was signed in Baku on June 4, 1996 and ratified by Milli Majlis on October 17 of the same year.

Member companies of "Shah-Deniz" are BP (operator, 28,8%), Statoil (15,5%), SOCAR (16,7%), LUKoil (10%), NICO (10%), Total (10 %) and TPAO (9%).