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SOCAR to attract external funds for increasing share in â€œContract of the Centuryâ€

07 June 2011 10:41 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. State Oil Company of Azerbaijan (SOCAR) will attract funds from external sources to purchase a part of share of Devon Energy company in Azeri-Chirag-Gunashli project development block located in Azerbaijani sector of the Caspian Sea. SOCAR Vice President for Financial Affairs Suleyman Gasimov said. â€œThe involved funds will justify themselves due to the profitability of the projectâ€, he added.

Gasimov noted that at present, work on the acquisition of half of SOCAR’s share of Devon Energy in Azeri-Chirag-Gunashli project approaches the completion. Thereafter, the issue of changing the interest must be approved by parliament.

Remind that, SOCAR planned to buy half of the 3.2% share of Devon in the "Contract of the Century", which it sells to BP, that is 1,6%.

Recently the president of SOCAR Rovnag Abdullayev noted that the company would continue to try to raise its stake in the country’s ongoing international oil and gas contracts: â€œFrom now on, who will put their share up for sale, we’ll purchaseâ€.

Remind that, BP (operator - 34,1%), Chevron (10,2%), SOCAR (10%), Inpex (10%), Statoil (8,6%), ExxonMobil (8% ), TPAO (5,6%), Devon Energy (5,6%) and Hess (2,7%) participate in the development project of ACG deposits.