Azerbaijani Politics 14 september — 11:42

New Contract of Century signed: SOCAR's share - 25%

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A 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 is being held at the Heydar Aliyev Centre, Baku. President of the Republic of Azerbaijan Ilham Aliyev and First Lady, First Vice-President Mehriban Aliyeva are attending the ceremony, informs the press-service of the Azerbaijani Presidency.

President Ilham Aliyev made a speech at the event.

'Today is a significant day in the history of Azerbaijan, a new era is beginning in the development of the Azeri-Chirag-Gunashli field,' said the Azerbaijani President in particular.

According to him, the new contract will be signed on more acceptable conditions for Azerbaijan.

'In particular, the share of SOCAR in the new contract will be 25% (under the current contract 11.65%). In addition, after signing the contract foreign investors will pay Azerbaijan $3.6 billion in the form of various bonuses, the share of profitable oil will be 75%,' said the head of state.

Ilham Aliyev stressed that during the signing of the 'Contract of the Century' oil reserves for ACG were projected at 511 million tonnes.

'But the real reserves exceeded forecasts. At the moment, ACG has 500 million tonnes of unprocessed oil,' said the President.

At the ceremony, Turkish Minister of Energy and Natural Resources Berat Albayrak read out President Recep Tayyip Erdogan's message of congratulation to the event participants.

Minister of State of the United Kingdom Alan Duncan read out Prime Minister Theresa May's message of congratulation, while Georgian Prime Minister Giorgi Kvirikashvili's message of congratulation was read out by the country's Energy Minister Elia Eloshvili.

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