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SOCAR and NIGEC Sign Contract on Gas Transaction

Source: www.gulfoilandgas.com 1/12/2011, Location: Asia

The signing ceremony of the main terms of the contract on Azerbaijani natural gas transaction between the State Oil Company of Azerbaijan (SOCAR) and National Iranian Gas Export Company (NIGEC) was hosted at SOCAR Head office.

Speaking at the event, Mr. Rovnag Abdullayev, SOCAR President saluted Iranian delegation led by Mr. Seyed Masoud Mir-Kazemi, Oil Minister of Islamic Republic of Iran and said that negotiations on Azerbaijani gas export to Iran had crowned successfully. He noticed Azerbaijan has confidently entered the world gas market in recent years as a result of successful oil strategy by Mr. Heydar Aliyev, the National leader of Azerbaijani people. He said Azerbaijani gas was already exported to Turkey, Georgia, Russia, as well as to Iran for natural gas supply to Nakhchivan Autonomous Republic within the swap deal.

Mr. Abdullayev mentioned the project on reconstruction of the infrastructure for Azerbaijani gas supply to Iran was implemented, and works at Astara Gas Compressor Station were completed successfully. 'We have all opportunities to transport Azerbaijani gas to Islamic Republic of Iran', Mr. Abdullayev said mentioning the main terms of the Contract were ready to be signed.

Mr. Seyed Masoud Mir-Kazemi, Oil Minister of Iran expressed his gratitude to SOCAR President for extended hospitality. As he noted, economic relations between Azerbaijan and Iran rapidly developed on the basis of support of two countries' Presidents. Iranian minister estimated the contract to be signed as an important step taken on this regard and showed gratitude to the Company management for being rewarded with 'Contract of the Century 15th anniversary' medal.

Mr. Abdullayev presented the medal to Mr. Seyed Masoud Mir-Kazemi. The event was followed by signing the main terms of the contract on Azerbaijani natural gas transaction between SOCAR and NIGEC. Under the contract, envisaged for 5 years, Azerbaijan will supply 1 billion cubic meters of gas to Iran in 2011. The volumes to be supplied will be reviewed each year.

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