Azerbaijani parliament ratifies New Contract of the Century
APA-Economics reports that the MPs voted for the draft law.
According to chairman of the Committee on Natural Resources, Energy and Ecology, chaired by MP Valeh Alasgarov, the context of the agreement does not differ from the text of today: “However, several annexes have been made in the agreement. The agreement on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG) in the Azerbaijan Sector of the Caspian Sea was signed on September 20, 1994. Total costs within this project have made up $43.5 billion since 1994 till 2017. Capital expenditures within this agreement amounted to $35 billion. During the period of this agreement, Azerbaijani side received $130 billion as profit oil. Profit tax by co-ventures stood at $15 billion. ACG got nearly $6 billion in profit. Nearly 42 bcm of gas was delivered to Azerbaijan government”.
Alesgerov noted that volume of extractable reserves amount to 500 million tonnes.
“More than $33 billion is needed for production of oil reserves. The contract signed in 1994 will expired after seven years. The contractor companies would not invest a large amount of funds for this period. Because it’s impossible to get the expenditures back within seven years. If the works on explorations start in 2019, oil may be produced only in 2023. Current agreement expires in 2024. Therefore, there was a need for renewal of the agreement”.
He noted that ACG’s share increased up to 25 percent: “Total share of foreign companies increased to 75 percent. As you see the share of ACG doubled”.
Alesgerov noted that co-ventures will pay a bonus of $3.6 billion in total or $450 million in every year for the period of 8 years.
The new agreement will be valid till December 31, 2049.
MP Vahid Ahmadov said that September and October were successful months for Azerbaijan: “The new oil agreement was signed in September, BTK was launched in October. This is historic victory of Azerbaijan. There were many obstacles for realization of the BTK. However, under the will of the Azerbaijani president, this project was realized”.
MP Ali Masimli noted that the parliament is discussing very historic contract: “This contract introduced our hydrocarbon reserves to the world once more. At the same time, Azerbaijan proved itself as a country of oil”.
Discussions are underway.
CBA: Credit investments in Azerbaijanəs economy increased by up to 2% during January-October
Death toll in Izmir earthquake reaches 6, 257 wounded - UPDATED-2
MoD: Precise strikes were inflicted on the enemy
Armenian Armed forces inflict rocket attack on Alasgarli village of Azerbaijan's Tartar
MoD: Situation on the frontline is under the control of the Azerbaijani Army
Greece and France offered Turkey help regarding earthquake in Izmir
Azerbaijani President: "From the point of view of effectiveness and efficiency, the Minsk Group, of course, didn't justify itself"
Head of Turkey’s MFA thanked Azerbaijan
Rally against Armenian terrorism was held in Venice
Azerbaijani President: "I think that co- chairing countries should seriously think about what sanctions could be applied against the aggressor in order to make them leave the occupied lands"
Azerbaijani President: "I think it is premature to speak about peacekeepers in conflict zone"
Ilham Aliyev: "Pashinyan's statement on Pakistani, Turkish special units is nonsense"
Supreme Commander-in-Chief: "Azerbaijani soldiers and officers are liberating the lands, raising the flag"
President Ilham Aliyev makes phone call to Erdogan: “Azerbaijan is ready to provide any kind of assistance to brotherly country”
Azerbaijan’s MES conducts awareness raising works among population regarding rules of safe behavior during war period
President: "There are no moral norms, no honor, dignity, and no understanding of how wars are fought for them"
Ilham Aliyev: "Azerbaijani Army has demonstrated its advantage on the battlefield"
Putin discussed situation in Nagorno Garabagh at meeting of Security Council
Azerbaijani President: "Azerbaijanis must return to all the occupied territories where they used to live"
Azerbaijani President: "Armenian state was created artificially on the lands that it never owned"
Jeyhun Bayramov: “News of earthquake occurred in Izmir saddened us very much”
One of the Armenian militants captured during military operations turned out to be a clergy - VIDEO
President Ilham Aliyev: "All three violations of ceasefire were committed by the Armenian side"
Azerbaijani state flag hoisted at four more outposts liberated from Armenian occupation
Azerbaijan offered help to Turkey regarding earthquake occurred in Izmir
President Ilham Aliyev was interviewed by Russia's Interfax news agency - UPDATED
Meeting of Azerbaijan and Armenia Foreign Ministers kicks off in Geneva
Azerbaijan to take legal steps regarding illegal activity in Vejnali gold field, liberated from occupation
Azerbaijani MoD releases video reportage from the liberated Khudaferin village of Jabrayil region
Explosion takes place in Spitak medical center in Armenia
Erdogan: "Concerned institutions were sent to territory in order to support people aggrieved from earthquake"
Armenia refused to deliver body of Armenian aged 84 to his family
General prosecutor: “Some Armenians make calls on social networks aimed at creating confrontation among ethnic minorities in Azerbaijan”
Magnitude 6.6 quake shakes Turkey’s west coast, Greek islands in Aegean
Azerbaijani MFA: We call on the international community to condemn Armenia's act of vandalism
Russian deputy FM discusses Nagorno-Karabakh conflict with Italian ambassador
Kamran Aliyev: Armenians shot some captured Azerbaijani servicemen at close range
Azerbaijan expects activity of Human Rights Watch and Amnesty International to have effective result
General prosecutor: “To information Jalal Arutunyan was destroyed, but Armenian side hasn’t yet confirmed his death”
Important messages from Putin: Russia also accepts reality emerged in Nagorno Garabagh issue - ANALYSIS
Azerbaijan appealed to European Court regarding criminal acts of Armenia
Number of confirmed coronavirus cases reaches 54174 in Azerbaijan, 718 deaths
Azerbaijani Army has liberated 9 villages of Jabrail, Zangilan and Gubadly
Azerbaijan documents 1,022 fresh coronavirus cases, 480 recoveries, 10 deaths in the last 24 hours
Next meeting on resolution of Nagorno Karabakh conflict starts in Geneva
Azerbaijan initiated criminal case against Araik Harutyunyan, David Babayan, Jalal Harutyunyan and Arman Babajanyan
Investigation of 52 criminal cases launched regarding terrorist acts committed by Armenia continue
Hikmat Hajiyev: “If Khojaly genocide committed by Armenians had been given a fair assessment, no genocide in Rwanda would have been”
Azerbaijan puts several foreigners involved in battle by Armenia on internationally wanted
Armenians target Azerbaijan's residential settlements, civilian population, and civilian facilities - PHOTOSESSION
Azerbaijani MP suggests to establish shelters for beggars
Azerbaijan commemorates Khojaly genocide - PHOTOSESSION
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
As a result of the efforts of NaM members, the UN SC did not adopt a statement against Azerbaijan
It has been confirmed the fact that Kurdish-descent mercenaries fight on the Armenian side - VIDEO
Armenian army personnel refused to get engaged in battles
Azerbaijan’s MIA appeals to citizens