Rosneft to participate in Absheron gas project

Rosneft to participate in Absheron gas project

Rosneft President Igor Sechin discussed participation in development of the Absheron project in the Caspian Sea with Azerbaijani President Ilham Aliyev in Baku. Total (France) officials attended the talks as well. Russian President Vladimir Putin will be escorted by presidents of Rosneft, Transneft and LUKOIL during his visit to Azerbaijan in August, Reuters reports.

Ismail Agakishiyev, President of the Union of Companies Consulting-Analysis-PR, emphasized that it was a breakthrough in Russian-Azerbaijani relations. LUKOIL represented Russia during signing of the Azeri-Chirag-Guneshli contract on September 20, 1994, and got 10% of shares. Russian Prime Minister Victor Chernomyrdin, Minister for Fuel and Energy Yuri Shafranik and LUKOIL President Vagit Alekperov took part in the process. Putin signed an agreement for the Caspian Sea, improving cooperation in energy. LUKOIL is taking part in a major contract to develop the Shah Deniz Field needed to deliver gas to Europe.

Agakishiyev noted that there had not been enough structures in the 1990s to invest in foreign projects and oil fields. Rosneft is the largest Russian company that has the necessary technology, equipment and finances for foreign projects. Russia is developing relations with Turkey.

SOCAR and Total have 40% of shares in Absheron, GDF Suez SA (France) holds shares as well. The field has 150-300 billion cubic meters of gas reserves.