Gulf Oil and Gas accountACCOUNT

Azerbaijan-Turkey Gas Agreements Signed

Source: 10/27/2011, Location: Asia

The Republic of Azerbaijan and the Republic of Turkey have signed a number of key gas export related agreements to enable Turkey to buy gas from Azerbaijan and to transit Azerbaijan gas through Turkey to Europe.

The documents signed in Izmir (Turkey) on Tuesday, October 25, included an Intergovernmental Agreement (IGA) between the Government of Azerbaijan and the Government of Turkey, Gas Sales Agreements between SOCAR and BOTAS and also between the Azerbaijan Gas Supply Company (AGSC) and BOTAS International Limited (BIL), a Gas Transit Agreement between SOCAR and BOTAS and a Framework Agreement (FA) setting the general terms and conditions for transit of gas sourced from Azerbaijan through the territory of Turkey. The IGA and FA contemplate transit through Turkey either via an upgrade to the existing BOTAS transmission network or via the development of a new-build pipeline across Turkey.

The execution of the documents was witnessed by the President of the Republic of Azerbaijan H.E. Ilham Aliyev and the Prime Minister of the Republic of Turkey Recep Tayyip Erdogan. The documents were signed by the Minister of Industry and Energy of Azerbaijan Natig Aliyev and the Minister of Energy and Natural Resources of Turkey Taner Yildiz, as well as SOCAR President Rovnag Abdullayev, the President for the Azerbaijan-Georgia-Turkey Region of BP and the Operator of Shah Deniz field, Rashid Javanshir and General Manager of BOTAS Fazil Senel.

The agreements provide a legal framework to regulate the sale of Shah Deniz gas to Turkey and its transportation to European markets through Turkey.

Rovnaq Abdullayev, SOCAR President, said: “We are pleased to finalise the signing of these key agreements between Azerbaijan and Turkey that will lead to Shah Deniz full field development and delivery of Stage 2 gas from Azerbaijan’s giant field in the Caspian Sea to Turkey and European markets. This is a significant step that has been achieved by the two Governments with support from all parties involved including the Shah Deniz consortium. We believe the success of all efforts that have brought us to today’s achievement lies in the close partnership among the three key parties - the Government of Azerbaijan, the Government of Turkey and the Shah Deniz consortium. This partnership has been a key element in everything accomplished so far and will continue to be a driving force to move Shah Deniz to the stage when it will safely and reliably supply Azerbaijan gas to Turkey and Europe.”

Speaking on behalf of the Shah Deniz consortium Rashid Javanshir, President for the Azerbaijan-Georgia-Turkey Region of BP, said: “We welcome the successful signing of the Shah Deniz gas sales and transit agreements, and the Inter-Governmental Agreement between Azerbaijan and Turkey. We believe these agreements will help open a Southern Gas Corridor to Europe and link Azerbaijan and Turkey with yet another strategic partnership. They will support the continued development of Shah Deniz 2 project towards a final investment decision and development of Turkey as an energy hub for Europe. The signing of these agreements will also allow Shah Deniz to proceed with its European pipeline selection process, and to confirm gas sales agreements with potential customers. ?On behalf of the co-venturers we would like to congratulate Azerbaijan and Turkey on reaching these extremely important agreements”.

Investment News in Azerbaijan >>

United Kingdom >>  4/12/2019 - Independent global completions service company Tendeka has more than doubled its work in the UK offshore sector over the past 12 months. The growth in...
Canada >>  4/10/2019 - Africa Oil Corp. had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. ("Eco") for US$1.05 per common share for a total consideratio...

Saudi Arabia >>  4/9/2019 - Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking v...
United Kingdom >>  4/7/2019 - The offshore market is set for a bumper year with 83 greenfield FIDs expected, totalling $115 billion in infrastructure, equipment & associated drilli...

Nigeria >>  4/6/2019 - Shell Petroleum Development Company of Nigeria Ltd (SPDC) plans to invest about $15 billion in oil and gas projects in Nigeria over the next five year...
United States >>  4/3/2019 - Total and Tellurian signed a series of agreements strengthening the partnership between the two companies to develop the Driftwood LNG project located...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Azerbaijan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.