  Azerbaijan, Turkey fail to agree on Shah-Deniz gas sale details July 25, 2011 - 12:53 AMT PanARMENIAN.Net - Turkey and Azerbaijan can not agree on the legal aspects of the contract on sale of gas from the second stage of development of the Azerbaijani gas condensate field Shah-Deniz, SOCAR Head of the Foreign Investments Department Vagif Aliyev said at a meeting with Turkish journalists, Today’s Zaman reported. He said the two sides concluded negotiations on most of the contract details, including transit fees, gas volume and transportation options. However, disagreements on legal issues still hamper the signing of the agreement. Aliyev said the volume of investment in the Shah-Deniz-2 project, which, given the construction of pipelines can hit $25 - $30 billion, should be safeguarded. One of ways to obtain such a guarantee is a solid legal framework that would protect the interests of all parties. "The legal norms governing the contract may be British or Swiss regulations," Aliyev said. He said an agreement signed with BOTAS in 2010 on the Shah-deniz project was governed by the British regulations - the same kind of agreement should be on the Shah-Deniz-2 project. Shah Deniz reserves are estimated at an amount of 1.2 trillion cubic meters of gas. The contract to develop the offshore Shah Deniz field was signed June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, SOCAR-10 percent. Under the Azerbaijan- Turkey contract, Turkey should receive 6.6 billion cubic meters of gas from the Shah Deniz annually. The volume will be 6 billion cubic meters under the Shah-Deniz-2 project, according to Trend News.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Mirzoyan says meeting with Bayramov was “constructive”  At the moment, Ararat Mirzoyan said, there is no basis for additional comments.OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg.151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation.France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |
