Total purchased March lot of SOCAR oil

Total, the French oil company has purchased the next lot of Azerbaijani oil (Azeri Light brand), produced at Azeri-Chyrag-Guneshly fields in the Caspian Sea sector, SOCAR's Marketing and Economic Operation Department reports.

The volume of the given lot is 1 million barrels of oil. Its transportation set up for 25-26 April from Georgian Supsa port.

The agreement on "Azeri-Chyrag-Guneshly" (AChG) field development is the first oil agreement signed between Azerbaijan and foreign companies on September 20, 1994.

Currently, the only one oilfield ("Chyrag") is developing under the agreement. The oil produced on "Chyrag" field is transporting on the world markets by Baku-Supsa pipeline.

The tender on Azerbaijani oil purchase takes place once every two months. Glencore purchased the first lot of Azerbaijani oil, Arcadia - the second, UNIPETROL - the third, Glencore - the fourth as well.

The oil is distributed among the shareholders of Azeri-Chyrag-Guneshly (AChG) project depending on their participatory interest in this project. The participatory interest of SOCAR is 10%. Apart from SOCAR the participants of the AChG project are BP (34.1% - operator), Unocal (10.3%), INPEX (10,0%), Statoil (8,6%), ExxonMobil (8.%), TPAO (6,8%), Devon (5.6%), Itochu (3,9%), Amerada Hess (2.7%).

Translated by Nataliya Shirinskikh