Baku Energy Forum - Azerbaijani parliament ratifies new oil agreement

Azerbaijani parliament ratifies new oil agreement



Azerbaijani parliament has ratified a new oil agreement, Trend reports referring to the parliament.

A bill on the adoption, approval and granting of permission for the implementation of the Risk Servicing Agreement between the State Oil Company of Azerbaijan (SOCAR) and GL international LTD LLC in connection with the project of restoration and development of the Buzovna-Mashtaga, Gala and Zira block of oil fields, has been discussed at the parliament’s meeting.

The chairman of the parliamentary committee on natural resources, energy and ecology, Sadig Gurbanov spoke about such advantages of the project as attracting local investments, developing local companies and personnel, and introducing new technologies.

Following the discussions, the document was put to a vote and adopted.