BP increasing its Azeri investments

On March 9 the Azeri Government endorsed the construction of a new platform for extracting oil which will be run by BP. President of SOCAR Rovnag Abdulaev and head of BP-Azerbaijan Rashid Javanshir signed the agreement on this.

Around USD 6 billion will be invested in this project. More than 1,800 Azeri citizens will be employed during its implementation. New technologies will be utilised which will enable the operating company to increase the amount of oil pumped from the Caspian Sea. Work on the platform will start in June 2010 and the extraction of oil will begin by the end of 2013. 25,000 tonnes will be pumped daily.

The shareholders of the project are BP, Chevron Texaco, SOCAR, Statoil, Texxon and others.