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Azerbaijan will tell foreign companies to re-share petrodollars

20 September 2007 13:20 (UTC +04:00)

Ahmadov said September 20, 2004 went down to the history as an important day because of the Contract of Century between the government of Azerbaijan and a consortium of international companies. Shabanov added that the contractors had planned $7.4 billion in investment while the figure reached $20 billion.
He noted that the parties to the agreement distribute oil revenues justly.
â€œThe State Oil Company of Azerbaijan (SOCAR) holds a 10% participating interest. Some claim that as if we lost in the contract. But distribution of the revenues is to our advantage. After deduction of capital and operating expenditures, Azerbaijan takes 30% and the companies, including SOCAR 70%. Azerbaijan might own 80% in 2008. According to the information leaked from the government, Azerbaijan will get 45%/55% principle early next year and will achieve 80% after three months,â€ he underscored. He added that Azerbaijanâ€™s earnings may range from $8-$10 billion to $15 billion. /APA-Ecomomics/