Bank Of Baku

Azerbaijani parliament ratifies one more international oil agreement

Azerbaijani parliament ratifies one more international oil agreement
# 06 May 2011 14:14 (UTC +04:00)
Baku. Rashad Suleymanov – APA-Economics. The parliament ratified draft law on “Acceptance and confirmation of agreement between SOCAR, UQE-LANSER PTI. LTD and SOCAR’s Joint Oil Company on restoration, development of block including Balakhani-Sabunchu-Ramana and Kurdakhani oilfields and production sharing”.

Vice-speaker of Azerbaijani Parliament, chairman of Parliament’s Standing Commission for natural resources, energy and ecology issues Valeh Alasgarov submitted the draft law during today’s meeting of the parliament.

Committee chairman informed about terms and obligations of the agreement. He said that participation share of the sides, common rights, financing of oil-gas operations, research period, tax, insurance, import-export rules, protection of environment and other issues have been reflected in the documents.

Thereafter, the draft law was put to vote and accepted.
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