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 >>

Qatar >>  2/18/2019 - Baker Hughes, a GE company, the world’s first fullstream oil and gas company, has signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP)...
Russia >>  2/14/2019 - Gazprom Neft has concluded a cooperation agreement with the Government of the Omsk Oblast at this year’s Russian Investment Forum in Sochi, signed by ...

Russia >>  2/14/2019 - Gazprom Neft, the Ministry of Industry and Trade of the Russian Federation and the Government of the Omsk Oblast have concluded a special investment c...
Mexico >>  2/13/2019 - BHP has approved US$696 million (BHP share) in funding to develop the Atlantis Phase 3 project in the US Gulf of Mexico. This follows sanction by BP, ...

Iraq >>  2/12/2019 - Iraq’s Basrah Gas Company will increase its capacity by 40 percent as part of an investment plan, Royal Dutch Shell said. ...
Oman >>  2/12/2019 - Under current market conditions and production assumptions, Tethys Oil expects its 2019 investments for the company’s existing operations on Blocks 3&...

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.