Azerbaijani parliament ratifies new oil agreement

Azerbaijani parliament has ratified a new oil agreement, Report informs.

In this regard, a bill “On the adoption and approval, permission to implement the Risk Servicing Agreement between the Azerbaijan State Oil Company (SOCAR) and GL International LTD in connection with the restoration and development of block, including the Buzovna-Mashtaga, Gala and Zira oil fields in the Republic of Azerbaijan” was submitted to discussion at April 5 meeting of the Parliament.

Chairman of the Parliamentary Committee on Natural Resources, Energy and Ecology Sadig Gurbanov spoke about such advantages of the project as attraction of local investments, development of local companies and personnel, introduction of new technologies.

The document was put to the vote and adopted.