Rovnag Abdullayev News

SOCAR, the the State Oil Company of Azerbaijan Republic, and BP signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed in London, in the presence of UK Prime Minister Theresa May and Azerbaijan’s President Ilham Aliyev, by Rovnag Abdullayev, President of SOCAR, and BP group chief executive Bob Dudley. Speaking at the signing event  Abdullayev said: “We have a long tradition of successful cooperation with BP. I believe that the synergies between modern upstream technology and unique historical experience, embodied in both companies, create a solid basis for our continued success.

Keppel supported Baku Shipyard has won a first major contract from BP Exploration (Shah Deniz) Ltd, the operator of the Shah Deniz gas field development, to design and build a Subsea Construction Vessel (SCV). The contract is worth US$378-million, say the shipyard. When completed, the SCV will be deployed for the Stage 2 development of the Shah Deniz field, which lies some 70 kilometres offshore in the Azerbaijan sector of the Caspian Sea. The Shah Deniz Stage 2 project requires a subsea installation vessel to install the subsea structures over 11 years between 2017 and 2027. The vessel will include dynamic positioning to allow for work in 2.5 metres significant wave height (Hs)…

President of Azerbaijan, H.E. A new shipbuilding yard that is jointly developed by Keppel Offshore & Marine Ltd (Keppel O&M), State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC) was officially opened this morning by President of Azerbaijan, H.E. Ilham Aliyev. Singapore's Senior Minister of State for Trade and Industry, Mr Lee Yi Shyan, also attended the inauguration ceremony of the new yard. Named Baku Shipyard LLC (Baku Shipyard), the new 62-ha yard in Baku…

Within the visit of Prime Minister Han Seung-soo to , Memorandum on creation of Caspian Shipbuilding Factory was signed. State Oil Company of Azerbaijan Republic (SOCAR) President Rovnag Abdullayev said the Memorandum has been signed between SOCAR, Korean STX and Azerbaijan Investment Company (AIC). STX that has initiated the project offers parity distribution of the project shares between all the shareholders – STX itself, Azerbaijan Investment Company (AIC), State Oil Company of Azerbaijan Republic (SOCAR), and Azerbaijan State Caspian Shipping Company (Kaspar). insisted that STX should acquire an equity stake of at least 35% of shares to make the latter to be more interested in the project operatorship and to raise more investments from abroad.