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Azerbaijan and Turkey sign three gas contracts â€“ UPDATED-2

Azerbaijan and Turkey sign three gas contracts â€“ <font color=red>UPDATED-2</font>

07 June 2010 14:39 (UTC +04:00)

The contract was signed by Turkish Minister of Energy and Natural Resources Taner YÄ±ldÄ±z and Azerbaijani Industry and Energy Minister Natig Aliyev. President of Azerbaijan Ilham Aliyev and Turkish Prime Minister Recep Tayyip Erdogan attended the signing ceremony.

According to Taner Yldiz, the contracts cover three basic problems. He said the contracts covered payment of price difference of previously purchased natural gas from Azerbaijan, the price and volume of gas from Shah Deniz field and transit tariffs of gas. Azerbaijani gas is very important to meet Turkeyâ€™s need in natural gas and projects aimed gas supply of European countries. It will ensure Turkeyâ€™s purchase of Shah Deniz gas.

Yildiz said the contracts also considered annual gas supply of Turkeyâ€™s oil and gas giant â€“ PETKIM purchased by the Azerbaijanâ€™s State Oil Company (SOCAR). The minister said strong relations between the two countries would be developed further and congratulated Azerbaijan.

Azerbaijanâ€™s Minister of Industry and Energy Natig Aliyev called the contract as a great historical event.

SOCAR and Turkeyâ€™s BOTAS signed Memorandum of Understanding on purchase and transportation of natural gas. SOCAR president Rovnag Abdullayev and BOTAS chairman Fazil Senel signed the memorandum.