Rovnag Abdullayev: New 'ACG' project will allow to develop long-term efficient cooperation

Baku. 23 December. REPORT.AZ/ Agreement on exploitation of block of oil fields “Azeri-Chirag-Gunashli” (ACG) will open new perspectives for long-term efficient cooperation”.

Report informs referring to the SOCAR, Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR) said at the ceremony of signing guidelines of agreement for exploitation of “Azeri-Chirag-Gunashli” block located in Azerbaijani sector of Caspian Sea up to year 2050.

Talking on behalf of stakeholders of the Azerbaijan International Operating Company (AIOC), BP’s Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell noted support of Azerbaijani government and SOCAR in its achievements as ACG operator and expressed his gratitude. He told that today’s agreement allows prospective successful exploitation of ACG block and opens a new page of Azerbaijan’s energy history: We believe together we will be able to build on this success by continuing to combine the country’s potential and experience with leading technology. This agreement will enable future investments and projects, and will bring many thousands of jobs in the years ahead".

SOCAR President R.Abdullayev reminded that signing of Production Sharing Agreement (PSA) on ACG known as “Contract of the Century” took place in early years of independence and noted special role of President of Azerbaijan Ilham Aliyev, who was functioning as first vice president of State Oil Company that time, in successful completion of negotiations held in highly complicated geopolitical circumstances.