Baku. 14 September. REPORT.AZ/ "The contract to be signed today is of pivotal importance to our country. The development of Azeri-Chirag-Gunashli oil field is extended until 2050".
Report informs, said Azerbaijani President Ilham Aliyev as he addressed the signing ceremony of the Amended and Restated Agreement on the Joint Development and Production Sharing for the Azeri and Chirag fields and the Deep Water Portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea.
President Ilham Aliyev described the new contract as more beneficial to Azerbaijan. "Though the contract signed in 1994 also fully met our interests, a contract with even better terms is going to be signed this time. I would like to bring to your attention a few key parameters of this agreement: after the contract is signed, the bonus worth $3.6 billion will be paid to our country by foreign investors; SOCAR's AzAÇG company will participate in the execution of the agreement as a contractor; the share of SOCAR will be increased from 11.6 per cent to 25 per cent and 75 per cent of the profit oil will belong to Azerbaijan. These are key terms. Of course, the contract has a number of provisions. The main terms have already shown that this contract is of crucial importance to the development of Azerbaijan and the expansion of our financial opportunities," the head of state said.