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New oil agreement approved in Azerbaijan

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On June 14, a draft law on adoption and approval of oil contract among SOCAR, Zenit Aran Oil Company Limited and SOCAR Joint Oil Company on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields.

The agreement was signed for 25 years and may be extended for 5 years. According to agreement, 95% of workers, 90% of engineers must be Azerbaijanis after five years.

The issue was put to vote and adopted.
Date
2016.06.14 / 20:39
Author
Axar.az
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