The more time is passing the more valuable world masterpieces are becoming. This axiom fully characterizes the value, timeliness and irreplaceability of the Contract of the Century signed 20 years ago under guidance of National Leader of Azerbaijan Heydar Aliyev on September 20, 1994.
Another reason why this contract is unique is that the first production sharing agreement (PSA) on development of Azeri, Chyrag and deep-water Guneshli signed within the territory of the former USSR then became the point of origin and the benchmark of huge creative work for many decades to come. “We did much, but it is still early to stop, there is still much left for us to do”, President of Azerbaijan Ilham Aliyev says in one of his speeches.
The further approval of the ACG agreement in the parliament as the law of the Republic of Azerbaijan confirmed Azerbaijan’s obligations as a reliable and stable partner for many decades to come. Relying on basic principles of the international law, the National Leader of Azerbaijan managed in hard political conditions observed at that period (occupation of 20% of lands by the Armenians, 1 mln refugees and internally displaced people) managed to successfully balance interests of big energy centers (Russia, Iran, the USA and Great Britain), attract international majors and focus their attention on development of ACG fields in the Azeri sector of the Caspian Sea. It was all part of the implementation of the oil-gas strategy of Azerbaijan.
National Leader of Azerbaijan Heydar Aliyev has for the first time in the world created a modern model of energy security of the 21st century.
It solved the energy security problem not only of Azerbaijan but also the whole Caspian-Black Sea region and EU states for many decades to come. As the Contract of the Century is developing, Azerbaijan is obtaining numerous fundamental privileges at world energy, financial, investment markets, which enables it to move forward, develop its economy, gas strategy and in the meantime remove all obstacles on its path.
Oil&gas PSAs. Investment boom
September 20, 1994 (Baku) – Official ceremony of signing of the Agreement on the Exploration, Development and Production Sharing of Azeri-Chirag-Deepwater Gunashli (ACG) fields under the supervision of Azerbaijan’s national leader Heydar Aliyev with participation of 12 petroleum companies representing 7 countries of the world
December 12, 1994 (Baku) – PSA of Azeri-Chirag-Gunashli fields (ACG) ratified in Milli Majlis of Azerbaijan.
January 24, 1995 (Baku) - First meeting of the Supervisory Committee under Azerbaijan International Operating Company (AIOC) on ACG project.
January 18, 1996 (Moscow) – Signing of the bilateral agreement between the governments of Azerbaijan and the Russian Federation (RF) on transportation of early oil from ACG fields via the territory of Russia through Baku-Novorossiysk route.
March 8, 1996 (Tbilisi) – The intergovernmental agreement on transportation of Azerbaijani oil through the territory of Georgia via the Baku-Supsa route signed.
June 4, 1996 (Baku) – PSA on development of Shah Deniz field signed.
October 17, 1996 (Baku) – PSA on development of Shah Deniz field ratified by Milli Majlis of Azerbaijan.
Baku-Tbilisi-Ceyhan. Energy security
November 12, 1997 (Baku) – Official ceremony dedicated to production of the first oil from the Chirag-1 platform within framework of the ACG development project.
October 29, 1998 (Ankara) – President Heydar Aliyev of Azerbaijan, President Eduard Shevarnadze of Georgia, President Nursultan Nazarbayev of Kazakhstan, President Islam Karimov of Uzbekistan and President Suleyman Demirel of Turkey sign the Ankara Declaration regulating transportation of Caspian energy resources, in particular Azerbaijani oil to international markets via the Baku-Tbilisi-Ceyhan route.
November 18, 1999 (Istanbul) – Signing of the Istanbul Declaration on achieving of agreement by the workgroups of Azerbaijan, Georgia and Turkey on Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline Project.
October 17, 2000 (Baku) – Signing of two Agreements between the government of Azerbaijan as the owner of transit territory and the project shareholders; and the Agreement on Financing and Cooperation for Designing and Detailed Engineering of BTC MEP.
March 12, 2001 (Ankara) – The Agreement on Gas Sale and Purchase signed between Azerbaijan and Turkey respectively. According to the contract, Azerbaijan to export 79.7 bcm. of gas to Turkey at Stage 1 of Shah Deniz project implementation.
September 29, 2001 (Baku) – Azerbaijani President H.Aliyev and Georgian President E.Shevardnadze sign the Intergovernmental Agreements (IA) and other corresponding agreements between the Republic of Azerbaijan and the Republic of Georgia on transit, transportation and sale of natural gas from the Shah Deniz field.
February 2003 (Baku) – Shah Deniz shareholders provide a sanction for implementation of Stage 1 project.
February 3, 2004 (Baku) – Signing of the package of agreements with credit institutions for financing of BTC project.
October 2004 (Baku) - Shah Daniz shareholders commence construction of South-Caucasian Gas pipeline (SCP).
October 16, 2004 (Agstafa) – Official ceremony of ’Golden Welding’ on Azerbaijani-Georgian border with participation of Azerbaijan’s President Ilham Aliyev and Georgia’s President Mikhail Saakashvili. Pipe sections connecting Azerbaijani and Georgian parts of the Baku-Tbilisi-Ceyhan (BTC) export oil pipeline symbolically welded to each other.
February 13, 2005 (Baku) – Commencement of oil production from Central Azeri.
May 25, 2005 (Baku) – A ceremony of inauguration (celebration of the first oil pumping) in Azerbaijan area’s BTC oil pipeline at head pumping station in Sangachal terminal by the Presidents of Azerbaijan, Georgia, Turkey and Kazakhstan.
June 2005 – Construction of the Azerbaijani part of the main export oil pipeline Baku-Tbilisi-Ceyhan has been completed.
November 2005 (Baku) – Intergovernmental agreement signed between Kazakhstan and Azerbaijan about Kazakh oil transportation via BTC pipeline submitted to the presidents of Azerbaijan and Kazakhstan for consideration. Azerbaijan and Kazakhstan commence developing the transit agreement about pumping Kazakh oil via BTC.
December 30 2005 (Baku) – Oil production from Western Azeri starts.
June 16, 2006 (Almaty) – Azerbaijan’s President Ilham Aliyev and Kazakhstan’s President Nursultan Nazarbayev sign a joint agreement on support and cooperation in transportation Kazakhstan’s oil to the world markets through the Caspian Sea and Azerbaijan’s territory by means of the Baku-Tbilisi-Ceyhan oil pipeline.
June 26, 2006 (Vienna) – Agreement regarding the NABUCCO project to envisage transportation of Azerbaijani gas to Europe via Turkey’s territory signed at the meeting of Energy Ministers of EU’s countries.
July 13, 2006 (Adana) – Official inauguration of the Turkish section of the Baku-Tbilisi-Ceyhan export oil pipeline, new sea export terminal Ceyhan and the entire pipeline system of BTC.
October 21, 2006 (Baku) – Commencement of oil production from Eastern Azeri.
November 07, 2006 (Brussels) – Azerbaijan’s President Ilham Aliyev and Jose Manuel Barroso sign a memorandum on understanding on strategic partnership in energy field between the European Union and the Azerbaijani Republic.
Shah Deniz
November 10, 2006 (Baku) – Test gas extracting commenced at Shah Deniz field.
December 27, 2006 (Baku) – Azerbaijan stops import of Russian gas since 2007.
January 16, 2007 (Tbilisi) – Georgia starts receiving gas from Azerbaijan’s field Shah Deniz.
January 24, 2007 (Astana) – KazMunayGaz Kazakh National company signs memorandum on understanding for the project on the creation of the Caspian oil transportation system for exporting oil extracted from Kashagan and Tengiz fields to Europe via the Caspian Sea along Eskene-Kurik-Baku-Tbilisi-Ceyhan.
January 31, 2007 (Athens) – Greece and Italy reach an agreement and sign the protocol about sooner commencement of transit gas pipeline construction that is to connect Turkey with Western Europe. This project to become one of the five main routes of gas transportation within the EU.
March 2007 (Baku) – Baku-Tbilisi-Ceyhan oil pipeline reaches scheduled production capacity worth 1 million barrels of oil per day.
April 13, 2007 (Baku) – “Proved gas reserves of the Shah Deniz field total 1 trillion 200 bcm. If Azerbaijan starts satisfying only its domestic needs and stops gas export, then gas to suffice for 100 years”, Azerbaijan’s President Ilham Aliyev.
May 11-12, 2007 (Krakow) – The first session of the Energy summit takes place. Six countries (Azerbaijan, Poland, Ukraine, Georgia, Lithuania, and Kazakhstan) create a new energy corridor. Final communique declares about the establishment of the block of states united by common strategy in implementing their energy policy.
July 03, 2007 (Erzurum) – Commencement of gas supplies from the gas condensate field Shah Deniz to Turkey via Baku-Tbilisi-Erzurum gas pipeline.
August 02, 2007 (Baku) – Azerbaijan and Greece sign a memorandum on cooperation in the oil and gas sphere. This document plays a major role in gas transportation from Azerbaijan to Greece, the member of the European Union, as well as in gas supplies via this country to Europe.
August 07, 2007 (Astana) – The basis for the implementation of the Trans-Caspian project laid (via Kazakhstan’s Caspian Transportation systems). The two-sided documents on project implementation signed between the KMG and SOCAR.
August 16, 2007 (Baku) – Azerbaijan and the USA sign a grant agreement on working out of the feasibility study of the project on Trans-Caspian pipeline in order to carry out the plans on energy resources supply from the Eastern part of the Caspian Sea.
September 20, 2007 (Baku) – The 4th exploratory well confirms the availability of over 1.200 bcm of gas and 240 million tons of condensate at Shah Deniz.
September 26, 2007 (Vilnius) – The joint declaration where Georgia, Azerbaijan, Ukraine, Poland and Lithuania confirm their intentions to extend Odessa-Brody oil pipeline till Plotsk and Gdansk, as well as to create JV for the implementation of the joint projects and organization of the transport corridor from Central Asia to Central Europe passed.
South corridor, Russia, Iran
November 14, 2007 (Baku) – “Azerbaijan receives an invitation to take part in the Nabucco project”, Azerbaijan’s President Ilham Aliyev.
November 18, 2007 (Edirne) – Azerbaijan’s President Ilham Aliyev, Turkey’s Prime Minister Recep Tayyip Erdogan, Greece’s Prime Minister Konstantinos Karamanlis, Turkey’s Minister of Energy and Natural Resources Hilmi Guler, the US Minister of Energy Samuel Bodman take part in the opening ceremony of the gas pipeline built between Turkey and Greece.
November 20, 2007 (Baku) – SDX-04 well located in the south-western part of the Shah Deniz drilled down to the record depth for the Caspian Sea (over 7300 m) and extends the development border in the southern direction. Besides, deeply laid stratum with high pressure revealed as a result of drilling.
December 12, 2007 (Baku) – An agreement on supplying Azerbaijani gas to Italy from 2012 reached.
February 2008 (Kiev) – The board of directors of Sarmatiya international pipeline company registered in Poland announces a tender for preparing feasibility study of the project of the Eurasian oil-transportation corridor.
April 2008 (Baku) – Commencement of oil production at Gunashli field.
May 22-23, 2008 (Kiev) – The third session of the Energy summit. Azerbaijan, Ukraine, Georgia, Latvia, Lithuania, Poland, Estonia, EU, USA, high-ranking representatives from over than 30 countries discuss the course of implementation of Eurasian oil transportation corridor on basis of Odessa-Brodi oil pipeline, as well as issues concerning the Feasibility Study of Eurasian oil transportation corridor project, concept of creation of Baltic-Black Sea-Caspian energy transit community.
July 4, 2008 (Baku) – Record volume of 1,059,700 barrels of oil (of this total, 992 400 barrels supplied by BTC, the rest 67 300 barrels by railroad) refined and exported at Sangachal terminal.
September 4, 2008 (Baku) – Assets of the State Oil Fund of Azerbaijan total $10 billion 216 million and for the first time exceed $10 billion.
October 2008 (Aktau) – Commencement of transportation of Kazakh oil produced from Tengiz field via BTC.
November 14, 2008 (Baku) – The fourth session of the Energy summit. President of Azerbaijan Ilham Aliyev, Turkey’s President Abdullah Gul, Lithuania’s President Valdas Adamkus, Ukraine’s President Victor Yushchenko, Georgia’s President Mikhail Saakashvili, Poland’s President Lech Kaczynski, Vice-President of Bulgaria Angel Marin, Hungary’s Prime Minister Ferenc Gyurcsany, Estonia’s Prime Minister Andrus Ansip, US Energy Minister Samuel Bodman, Andris Piebalgs, European Union’s Commissar for energy Issues, and representatives of 21 countries take part in the session. As a result of the forum, the Declaration of Baku Energy Summit accepted.
February 14, 2009 (Bucharest) – Azerbaijan, Georgia, Romania and Hungary sign a protocol within the frameworks of realization of AGRI project. The document underlines the necessity to assist the project participating companies in attracting financing for the FS preparing.
January 27, 2009 (Budapesht) – Summit dedicated to Nabucco gas pipeline takes place. The EU decides to allocate purpose loans worth 3.5 billion euros to provide energy security of a number of European countries. Of this amount, 250 million euros allocated for Nabucco project.
First quarter of 2009 – Selecting of concept of Phase-2 project on development of Azerbaijani gas condensate field Shah Deniz confirmed.
March 2009 (Baku) – Completion of operations to increase carrying capacity of Baku-Tbilisi-Ceyhan up to 1.2 million barrels per day at the expense of application of chemical re-agents for reducing friction forces.
April 24-25, 2009 (Sofia) – Participants of “Natural gas for Europe: reliability and partnership” summit, the event gathers representatives of 29 states in Sofia, the participants support the final declaration infrastructure projects in the region aimed at diversification of hydrocarbon supplies, in order to provide energy security of all involved countries.
May 8, 2009 (Prague) – EU’s “South Corridor: new silk way” summit where Declaration for Nabucco construction signed.
June 29, 2009 (Baku) – Within the framework of working visit of the RF’s President Dmitry Medvedev to Azerbaijan, Gazprom and SOCAR sign an Agreement on terms to purchase and sale of Azerbaijani gas in the volume of 500 million cubic meters from 2010.
July 1, 2009 (Baku) – Assets of State Oil Fund of Azerbaijan reach $11 billion 886.4 million.
July 13, 2009 (Ankara) – Heads of government of Turkey, Austria, Hungary, Bulgaria and Romania signed intergovernmental agreement on Nabucco project which to enable supplying Caspian gas directly to the European markets for the first time in history.
August 20, 2009 (Vienna) – RWE Ag German energy concern becomes the 6th shareholder of Nabucco project meant for delivery of Central Asian and Caspian gas to European consumers.
September 20, 2009 (Baku) – The 15th anniversary from the day of signing of the Contract of the Century for development of Azeri-Chirag- Gunashli fields (ACG) celebrated.
October 14, 2009 (Baku) – Gazprom and SOCAR sign a contract on purchase and sale of Azerbaijani gas in the volume of up to 1 bln cubic meters per year.
October 2, 2009 (Baku) – KazMunayGas JSC and SOCAR sign an Agreement on the joint development of the feasibility study on the Trans-Caspian project, Memorandum of intentions for cooperation Baku-Black Sea oil pipeline and Memorandum on the joint use of SOCAR’s oil-gas infrastructure facilities during the development of Kazakhstan hydrocarbon fields.
November 11, 2009 (Baku) – SOCAR and National Gas Company of Iran sign memorandum on Azerbaijani gas supplies (no lower than 0.5 bln cubic meters of gas) to Iran starting from 2010. The document envisages the growth of supplies after the repair of gas transportation infrastructure of Azerbaijan.
December 14, 2009 (Baku) – SOCAR and Iranian national gas export company (NICEG) sign an agreement on supply of Azerbaijani gas to northern regions of Iran in winter.
December 18, 2009 (Baku) – Loading of the 1000th tanker with ACG oil launched in the Turkish port of Ceyhan within the framework of oil export along Baku-Tbilisi-Ceyhan pipeline.
December 22, 2009 (Baku) – SOCAR signs the 28th PSA agreement with Bahar Energy Limited Company for exploration, rehabilitation, development and production at the block of offshore Bahar and Gum Deniz fields located in the Azerbaijani section of the Caspian Sea.
January 1, 2010 (Baku) – First supply of Azerbaijani gas to Russia in the volume of up to 1 bln cubic meters per year.
January 1, 2010 (Baku) – Assets of the State Oil Fund of Azerbaijan reach $15 bln within 10 years.
January 13, 2010 (Baku) – SOCAR and Iranian national gas export company (NICEG) sign a short-term contract for the supply of 100 mln cubic meters of Azerbaijani gas to Iran.
Activation at shelf. Gas boom
February 1, 2010 (Baku) – Azerbaijan and Romania sign here a memorandum on cooperation in the energy sphere. The memorandum envisages cooperation in the field of liquefied gas supply (LNG) from Azerbaijan to Romania through Georgia.
February 11, 2010 (Baku) – Azerbaijani government signs a decree about guarantees and obligations of Azerbaijan government on basis of PSA agreement, restoration, development and production at the block including Bahar and Gun-Deniz fields located in the Azerbaijani section of the Caspian Sea.
February 18, 2010 (Baku) – 2010 announced as the Year of Ecology in Azerbaijan. Ilham Aliyev, President of the Republic of Azerbaijan, declares about the necessity for introduction of Euro-2, Euro-3, Euro-4 and Euro-5 standards in Azerbaijan.
March 4, 2010 (Ankara) – Turkey ratifies the intergovernmental agreement on construction of the Nabucco gas pipeline signed between Turkey, Bulgaria, Romania, Hungary and Austria on July 13, 2009.
March 9, 2010 (Baku) – Official sanctioning of the project on development of deep laying stratums of the contract block of Azeri-Chirag-Gunashli (ACG) projects took place. This stage envisages development of Chirag project lower than the Pereriv Formation within the framework of the contract for the development of the entire block of ACG.
March 10, 2010 (Baku) – SOCAR and German RWE sign memorandum of understanding on perspective Nakhchivan structure located in the Azerbaijani section of the Caspian Sea. Signed document to enable RWE to work within the framework of the Nakhchivan project.
April 13, 2010 (Bucharest) – Azerbaijan, Romania and Georgia sign memorandum on cooperation in the field of energy. According to the project, Azerbaijani gas liquefied in Georgia will be supplied to Romania. There it to be transformed into natural gas again. According to the preliminary estimates, the project costs $6.5 bln.
April 27, 2010 (Baku) – Milli Majlis of Azerbaijan ratifies the Law on provision of permission for approval of the Agreement on exploration, restoration, development and share of production of Bahar field and block of Gum Deniz field signed between SOCAR, Bahar Energy Limited and SOCAR’s affiliated structure.
April 26, 2010 (Baku) – Azerbaijan and Turkey sign a protocol on package agreement on gas issues. Representatives of the Turkish BOTAS State Company continued finalizing the details of the package agreement with their colleagues from SOCAR.
May 12, 2010 (Tbilisi) – Signing of the protocol on the establishment of the joint Georgian-Azerbaijani-Romanian company in Bucharest to work on the feasibility study of the AGRI project.
June 7, 2010 (Istanbul) – Signing of the package of gas agreements between Azerbaijan and Turkey, in particular a Memorandum of Understanding between SOCAR and Turkish BOTAS Company for sale and transportation of natural gas, Declaration on sale and transportation of natural gas from Azerbaijan to Turkey through the territory of Turkey, Memorandum of Understanding between the Ministry of Industry and Energy of Azerbaijan and Ministry of Energy and Natural Resources of Turkey for sale and transportation of natural gas.
June 18, 2010 (Ankara) – Italian Edison, Greek Depa and Turkish Botas sign a memorandum on understanding which determines terms of gas transit through the Turkish territory within the framework of ITGI project. The document opens the way for Azerbaijani gas to Italy.
June 18, 2010 (Ankara) – Start of implementation of Nabucco project, establishment of the international company for construction of the Turkish section of the gas pipeline.
June 30, 2010 (Baku) – During the session of the first intergovernmental commission for cooperation Azerbaijan and Syria reach agreements on signing of the contract providing supply of up to 1.5 bln cubic meters of Azerbaijani gas during 20 years. Azerbaijani gas planned to supply to Syria through the existing infrastructure along the territory of Georgia and Turkey as well as through an interconnector between Turkey and Syria.
July 1, 2010 (Baku) – Assets of the State Oil Fund of Azerbaijan reach $18 bln 122.3 mln.
July 6, 2010 (Baku) – SOCAR and British BP sign an agreement on major commercial principles within the framework of the project on joint exploration and development of perspective structures such as Shafag and Asiman in the Azerbaijani section of the Caspian Sea.
July 9, 2010 (Baku) – AIOC announces about the award of 6 key contracts worth $814 mln for the development of Chirag oil project, part of ACG fields.
August 16, 2010 (Oklahoma city) – Signing of the deal on purchases of Devon Company’s (5.6262%) shares in ACG project by Chevron, INPEX, ITOCHU and BP. Here are the current parties to the project: BP (37.43%), American Chevron (11.27%), Japanese INPEX (10.96%), Japanese ITOCHU (4.30%), Norwegian Statoil (8.56%), SOCAR (10%), American ExxonMobil (8%), Turkish TPAO (6.75%), and American Hess (2.72%).
August 20, 2010 (Baku) – Cabinet of Ministers of Azerbaijan confirms supplies and obligations of the government within the framework of the contract on restoration, rehabilitation and production share of the block of Balakhany-Sabunchy-Ramany and Kurdakhany fields in the Azerbaijan Republic. 75% and 25% of contract interests belong to Lanser and SOCAR respectively.
August 23, 2010 (Ankara) – During the meeting of the steering committee of Nabucco, the shareholders agree to make changes into the concept of supply line. Construction of the two supply lines (till the Turkish-Georgian and Turkish-Iraqi border) confirmed. The corresponding project works ordered. But due to the current political situation, Nabucco Gas Pipeline International announces that it does not plan to build the third line till the Turkish-Iranian border.
August, 2010 (Baku-Ashkhabad) – Turkmen oil transportation starts through the main Baku-Tbilisi-Ceyhan (BTC) export pipeline. According to information rendered by BTC Co. company the agreement on Turkmen oil transportation concluded in July. BTC Co. concludes a contract also for transportation of Kazakh oil from Tengiz field.
August, 2010 (Baku) – Series of companies, participating in the consortium for developing Azeri-Chyrag-Guneshli (ACG) field in Azerbaijan sector of the Caspian announce conclusion of the agreement on redistribution Devon company assets in the project. The share of Devon company sold to American Chevron, Japanese INPEX, ITOCHNU and British BP. At present the share of companies in ACG project is as following: SOCAR (10%), BP (37.43%), American Chevron (11.27%), Japanese INPEX (10.96%%), Japanese ITOCHU (4.30%), Norwegian Statoil (8.56%), American ExxonMobil (8%), Turkish TPAO (6.75%) and American Hess (2.72%)
September 3, 2010 (Baku) – Gazprom and SOCAR sign a supplement to the current contract on purchase and supply of Azerbaijani gas. According to this contract, the volumes of purchases to grow up to 2 bln cubic meters per year and comprise over 2 bln cubic meters starting from 2011 and 2012 respectively.
September 6, 2010 (Brussels) – Shareholders of NABUCCO, NABUCCO Gas Pipeline International GmbH, European Bank of Reconstruction and Development (EBRD), European Investment Bank (EIB) and International Financial Corporation (member of the World Bank group) sign a mandate letter that marks the start of the appraisal process of the Nabucco project for opening of the financial line to the sum of 4 bln Euros.
September 13, 2010 (Ceyhan) – BTC pipeline transports a total of one billion barrels of oil.
September 14, 2010 (Baku) – The presidents of Azerbaijan, Georgia and Romania sign Baku declaration on improvement of Azerbaijan-Georgia-Romania Interconnector (AGRI) project. On the same day SOCAR, Romgaz and GOGC sign Memorandum of Understanding on establishment of a joined company by the three countries and on realizing AGRI project.
October 7, 2010 (Baku) – The State Oil Company of Azerbaijan (SOCAR) and British BP sign a PSA contract on research and development of Shafag and Asiman perspective structures in Azerbaijan section of the Caspian sea.
October 28, 2010 (Kiev) – Azerbaijan and Ukraine agree to form a working group to work out a new agreement on energy supply to Ukraine.
November 17, 2010 (Baku) – The Memorandum of Understanding signed between the governments of Azerbaijan and Iran on cooperation in the sphere of energy and transport by Elmar Mammadyarov, Minister of Foreign Affairs of Azerbaijan and Manuchokhr Mottaki, Minister of Foreign Affairs of Iran.
November 18, 2010 (Baku) – The 3rd summit of the Heads of Caspian Shore countries completes with signing the ‘Agreement on cooperation in the sphere of security in the Caspian’ and adopting joined declaration. The documents signed by the presidents of Azerbaijan, Russia, Kazakhstan, Turkmenistan and Iran. The summit clarifies the positions of the parties on dividing the Caspian. .
November 24, 2010 (Baku) – SOCAR announces about opening of the second (after Shah Deniz) largest gas field Umid in Azerbaijan section of the Caspian. About 300 billion cubic metres of gas reserves revealed in the field.
December 9, 2010 (Beijing) – SOCAR and Chinese Zhen Rong sign the Memorandum of Understanding on supply of raw Azerbaijan oil.
December 10, 2010 (Singapore) – The negotiations between SOCAR and the representatives of Scotland PTT company summarized in signing of the Memorandum of Understanding on joined use of sailing oil reservoir belonging to PTT not far from Singapore.
December 14, 2010 (Aktau) – SOCAR and Kazakh Mangistaumunaygaz oil company (based in Aqtau) sign the memorandum on cooperation aiming at joined scientific researches and planning, exchange of normative-legal and normative-technical documents, attending seminars, conferences, symposiums, forums, cooperation on application leading technologies in oil extracting and ecology.
December, 2010 (Baku) – SOCAR and the partners on development of Shah Deniz gas condensate field in Azerbaijan sector of the Caspian sign the document on extending the PSA type contract period on the field from 2031 up to 2036.
January 12, 2011 (Baku) – SOCAR and NIGEC sign the long-term contract on supply of Azeri gas to Iran. According to the contract, signed for 5 years, Azerbaijan to supply Iran with 1 billion cubic metres of gas in 2011 and the volume could be increased in future.
Azerbaijan - Turkey - EU
January 13, 2011 (Baku) – Ilham Aliyev, the President of Azerbaijan and Jose Manuel Barroso, President of the EC, sign the ”Joint declaration about South gas corridor”.
January 14, 2011 (Baku) – Natig Aliyev, Minister of Industry and Energy of Azerbaijan and Gunther Oettinger, the Commissioner of EU for Energy Sssues, sign the protocol of intensions on establishment of a working group to implement South gas Corridor project. The duties of the working group include solution of the problems coming out within the frameworks of realization of the project.
January 15, 2011 (Ashkhabad) – Gurbangulu Berdimuhamedov, the President of Turkmenistan declares after his meeting with Jose Manuel Barroso, President of the EC, about Ashkhabad’s readiness to study variants of delivery of gas to Europe through the Caspian via underwater pipelines, tankers and to sign agreements related.
January 21, 2011 (Moscow) – Rovnag Abdullayev, SOCAR President and Aleksey Miller, Gazprom CEO, agree that Gazprom to increase the volume of purchased Azeri gas by 2 billion cubic metres in 2011.
January 28, 2011 (Davos) – The governments of Azerbaijan and Ukraine sign memorandum about cooperation in organization of natural gas supply to Ukraine and the Agreement on measures to develop cooperation for oil transportation through Ukraine.
February 3, 2011 (Odessa) – “South” marine oil terminal (South port basin, ‘Bolshaya Odessa’ region) receive the first portion of tanker oil of Azerbaijan received by swap scheme (by replacing raw material of Venezuela ) for Belarus.
February 14, 2011 (Bucharest) – Azerbaijan, Georgia, Romania and Hungary sign a protocol within the frameworks of AGRI project implementation. The document underlines the necessity to support companies-participants of the project in attracting necessary financial support to work out the FS.
April 26, 2011 (Ankara) – Swedish EGL company signs the Memorandum of Understanding with Turkish State Botas company to start direct negotiations on transit rights to transport gas from the Caspian and Near East regions to Europe through Turkey.
May 6, 2011 (Baku) – Milli Mejlis of Azerbaijan ratifies the Exploration and Production contract between SOCAR and BP on exploration, development and production sharing (PSA) of perspective Shafag and Asiman structures in Azerbaijan sector of the Caspian.
May 6, 2011 (Baku) – Milli Mejlis of Azerbaijan ratifies the contract between SOCAR and German UQE-LANSER PTİ. LTD on rehabilitation, development and production sharing in the block consisting of onshore oil fields of Azerbaijan Balakhany-Sabunchu-Ramany and Kurdakhany.
May 18, 2011 (Baku) – SOCAR and Austrian OMV company sign the Memorandum of Understanding on bilateral cooperation.
May 20, 2011 (Odessa) – Ukrtransnafta OJSC launchs transportation of Azeri light to West Ukraine refineries via Odessa-Brody oil pipeline.
June 1, 2011 (Kiev) – Victor Yanukovich, the President of Ukraine, orders to form a working group to work out new energy supply routes through the territory of Ukraine starting from Azerbaijan.
June 8. 2011 (Kayseri) – The ceremony of signing the contract on supporting of Nabucco project held in Turkey. The agreement signed by future transitors of natural gas (Austria, Bulgaria, Hungary, Romania and Turkey) within the frameworks of the project after coordinating legal frames.
July 1, 2011 (Baku) – The assets of State Oil Fund of Azerbaijan reach USD 30,357.5 million.
July 4, 2011 (Baku) – SOCAR signs “Research agreements about exploratory activity onshore of Azerbaijan” with ConocoPhilips Exploration Azerbaijan LTD
August 10, 2011 (Baku) – SOCAR requires project groups of three main perspective pipelines: ITGI (Italy-Greece Interconnector) Poseidon, ТАР (Trans-Adriatic gas pipeline) and Nabucco aimed at supply of Azeri gas from Shah Deniz field to European countries included into South Energy Corridor to prepare proposals and provide information about the projects for evaluation and for choosing delivery routes. The deadline for reply is October 2011.
August 19, 2011 (Baku) – SOCAR Trading (trading department of SOCAR) signs the agreement with Korean national oil corporation on preservation of oil in terminals of Korea.
September 8, 2011 (Baku) – Public hearing on evaluation of the environmental impact of three dimension seismic investigation on Shafag-Asiman block in Azerbaijan sector of the Caspian launched. The first exploratory investigation well on Shafag-Asiman block will start by the ends of the fourth quarter of 2016.
September 9, 2011 (Baku) – Total Company declares about discovery of big gas field (Absheron) in Azerbaijani section of the Caspian Sea. Azerbaijan President Ilham Aliyev titles the discovery of a large gas field in the Azerbaijani section of the Caspian Sea as a ground-braking achievement. The Head of the State notes that the discovery of the new gas field to strengthen Azerbaijan positions among big gas producing countries of the world.
October 25, 2011 (Izmir) – A set of gas export agreements including an intergovernmental agreement (IGA) between governments of Azerbaijan and Turkey: gas sales agreements between SOCAR and Botas, Azerbaijan Gas Supply Company (AGSC) and Botas International Ltd (BIL); gas transit agreement and framework agreement (between SOCAR and BOTAS) determining the terms and rules of Azerbaijani gas transit through Turkey signed. These agreements fix the terms for sale of additional 6 bcm of gas to BOTAS within the framework of Shah Deniz Stage II. The agreements also include the terms for transporting the remaining 10 bcm of Shah Deniz Stage II gas through the territory of Turkey to Europe.
October 25, 2011 (Izmir) – Ceremonies of opening of AYPE-T plant and laying foundation of Petkim Company’s Star oil refinery takes place with participation of President of Azerbaijan Ilham Aliyev and Prime Minister of Turkey Recep Tayyip Erdogan.
December 26, 2011 (Kayseri) – Azerbaijan and Turkey sign a memorandum of understanding on establishment of consortium to be involved in construction of the gas pipeline for natural gas delivery from Azerbaijani Shah Deniz field to Europe through Turkey. SOCAR, Turkish State Pipeline Operator Botas and Turkish Oil Company Turkiye Petrolleri JSC become the founders of the consortium.
January 23, 2012 (Moscow) – Gazprom OJSC and SOCAR sign a supplement to the contract on purchase-sale of Azerbaijani natural gas. According to the document, the volume of gas purchase from Azerbaijan will increase from 1.5 up to 3 bcm of gas per year and exceed 3 bcm starting with 2013.
February 21, 2012 (Baku) – Shah Deniz consortium selected the Trans-Adriatic Pipeline (TAP) as the potential route for export of gas extracted during Stage 2 to Italy. Shah Deniz project partners no longer consider ITGI gas pipeline (Turkey-Greece-Italy interconnector) as the project for export of Azerbaijani gas from this field to Europe.
April 17, 2012 (Baku) – Shah Deniz consortium sanctions conducting early engineering work within the framework of Shah Deniz Stage 2.
May 17, 2012 (Brussels) – Nabucco Consortium proposes a renewed version of Nabucco – West to the consortium for Shah Deniz field development.
TANAP-TAP
June 26, 2012 (Istanbul) – Azerbaijan and Turkey sign intergovernmental agreements on construction of the TransAnatolian gas pipeline (TANAP). Signed are an intergovernmental agreement between Turkey and Azerbaijan, a preliminary agreement between BOTAŞ and SOCAR about organization issues in the project company TANAP, a transit deal with the government of the transit country as well as an agreement of the government of the owning country.
June 28, 2012 (Baku) – Shah Deniz consortium completes evaluation of potential export gas routes in the direction of south-east and central Europe. The Nabucco West route stretching from the Turkish-Bulgarianborder right to the Austrian Baumgarten is selected as the single option of the pipeline for delivery of Shah Deniz gas to Central Europe. Development of the South-Eastern European pipeline project worked out earlier by Shah Deniz partners in cooperation with Bulgaria, Romania and Hungary has been stopped.
August 9, 2012 (Bern) – TransAdriatic pipeline (TAP) and Shah Deniz project partners sign an agreement about financing of the project until the final selection of the route for Azeri gas export to Europe. According to the agreement, the funds will be spent on different project-related operations. The agreement also provides partners on Shah Deniz with the opportunity to acquire up to 50% in TAP project.
September 2012 (Baku) – First gas volumes flow into gas distributing network of Azerbaijan from offshore gas condensate field Umid. In this way, the operation of this field is commenced.
September 2012 (Vienna) - Political committee of ministers of transit states of the Nabucco project expresses full political support to Nabucco gas pipeline project and the existing intergovernmental agreement which meets expectations of both investors and gas suppliers. The committee has also confirmed that the existing legal framework of the Nabucco project is applied in conformity with the present intergovernmental agreement and the project support agreement.
October 10, 2012 (Ankara) – The agreement on energy cooperation signed between governments of Azerbaijan and Turkey comes into force. Turkish edition Official newspaper publishes a decision of the Turkish authorities on approval of the agreement signed with Azerbaijan for sale and transit of Azerbaijani gas across Turkey and laying of a special pipeline in Turkey for transportation of Azeri gas.
October 16, 2012 (Baku) – Dates of making final investment decision on Shah Deniz II announced. The decision is to be made by mid of 2013.
October 2012 (Baku) – State Oil Company of Azerbaijan Republic (SOCAR) acquires ITERA-GEORGIA, operating gas distribution in Georgia.
November 2012 (Ankara) – SOCAR and Turkish companies BOTAŞ and TPAO sign a shareholding agreement and create TANAO Co which starts its official activity in Turkey. The founders of the newly created consortium are the State Oil Company of Azerbaijan Republic (SOCAR 80%), Turkish state operator of pipelines Botas and Turkish Oil Company Turkiye Petrolleri JSC (20%).
November 2012 (Ankara) - SOCAR Gaz Ticareti AŞ is created in Turkey to deal with gas distribution domestically.
November 2012 (Baku) – Shah Deniz project partners BP, Statoil and Total official announce their intention to participate in construction and operation of TransAnatolian gas pipeline (TANAP). ВР, Statoil and Total send a written consent to join in the project to SOCAR.
November 6, 2012 (Baku) – Parliament committee of Milli Majlis of Azerbaijan approves an intergovernmental agreement signed between Azerbaijan and Turkey for construction of the 1790km long TANAP gas pipeline (initial carrying capacity -16 bcm) designed for delivery of large Azeri gas volumes to the Turkish market and further to Europe.
November 12, 2012 (Baku) – 15 years pass since the commencement of oil production at Azeri-Chyrag-Guneshli fields. 2.1 bln barrels of oil produced at ACG throughout this period. Baku-Tbilisi-Ceyhan pipeline exports about 1.6 bln barrels of oil.
November 20, 2012 (Baku) – President of Azerbaijan Ilham Aliyev signs a Law “On approval of the agreement signed between governments of Azerbaijan and Turkey for sale of gas coming from Azerbaijan to Turkey, for transit of gas coming from Azerbaijan along the territory of Turkey and for construction of an independent gas pipeline for gas transportation through Turkey (TANAP).
December 16, 2012 (Baku) – SOCAR and BP sign memorandum on expansion of South-Caucasus gas pipeline (Baku-Tbilisi-Erzurum). According to the document, SOCAR is to become operator of new project and own 60% of stake. BP (25.5%) is the present operator of South-Caucasian gas pipeline. SOCAR possesses only 10%.
December 2012 (Baku) – State Oil Fund of Azerbaijan Republic (SOFAZ) starts making first real estate investments in Paris and London.
January 10, 2013 (Sofia) - Nabucco Gas Pipeline International Gmbh (NIC), shareholders of NIC (OMV, BOTAS, Bulgarian Energy Holding (BEH), Transgaz, RWE, FGSZ (100% subsidiary of MOL), hereinafter Nabucco shareholders) and potential investors (SOCAR, BP, Statoil and Total) sign a principal agreement on joint financing of expenditures on development of the Nabucco West project right until making of final decision on selection of the pipeline for Shah Deniz gas delivery to Europe and on granting of equity options of 50% to participate as shareholders in NIC.
January 18, 2013 (Tirana) – Ministry of Economy, Trade and Energy of Albania and Trans Adriatic Pipeline Project (ТАР) initial an agreement with the government of this country and in this way formulate the content of the agreement before its ratification. The agreement states parameters of obligations between TAP and government of Albania throughout the implementation of the project.
January 19, 2013 (Vienna) – Nabucco project consortium, shareholders of Nabucco Gas Pipeline International Gmbh (NIC) and partners on development of Shah Deniz gas field sign an agreement on cooperation, joint financing and ownership.
January 2013 (Baku) – Reaching of an agreement with Shah Deniz partners on prolonging of the contract of Shah Deniz gas condensate field development for 5 years – till 2036. In this way, the last obstacles on the way to launch of development of Shah Deniz II are removed.
February 8, 2013 (Baku) – One of important events takes place in history of independent Azerbaijan. First telecommunication satellite “Azerspace-1”of the Republic of Azerbaijan launched into orbit.
February 13, 2013 (Athens) – Albania, Italy and Greece sign intergovernmental agreement for construction and operation of TransAdriatic pipeline (TAP).
February 22, 2013 (Baku) - Milli Majlis (parliament) ratifies memorandum about mutual understanding signed between governments of Azerbaijan and Turkey for transit and construction of independent pipeline (TransAnatolian gas pipeline – TANAP) for transportation of Azerbaijani gas across Turkey.
March 28, 2013 (Baku) – European consortium on TAP project (TransAdriatic pipeline) announces that it has submitted the Shah Deniz consortium a broad package (known as the package of documents for making decisions) of proposals on transportation of Azerbaijani gas.
March 29, 2013 (Baku) – Nabucco Gas Pipeline International GmbH announces that it has provided Shah Deniz consortium a package of documents for making technical decisions.
April 1, 2013 (Baku) – Shah Deniz consortium starts evaluating final gas transportation proposals received from Nabucco and TAP for transportation of Shah Deniz II gas. Shah Deniz consortium is expected to make a final decision on selection of the route for Azerbaijani gas export to Europe in June 2013.
April 9, 2013 (Baku) – State Oil Company of Azerbaijan and the Norwegian company Statoil sign memorandum about mutual understanding on promising structures Zafar and Mashal in the Azeri sector of the Caspian Sea. Within a year after its signing, the memorandum envisages reaching of agreement on major commercial principles and terms of the contract as well as signing of the contract itself.
April 15, 2013 (Baku) – Azerbaijani International Operating Company (AIOC) announces that deepwater jacket built within the framework of erection of West Chyrag platform for Chirag Oil Project (COP) has been shipped from Baku Deep Water Jackets Factory to the point of installation.
April 2013 (Baku) – American company Hess Corporation announces seals bargain on sale of its shares in Azeri-Chyrag-Guneshli (ACG) oil-gas project and Baku-Tbilisi-Ceyhan (BTC) oil pipeline to the Indian company что ONGC Videsh. ONGC Videsh acquires 2.72% in ACG and 2.36% in BTC for $1 bln.
April 2013 (Athens) – Greek parliament ratifies intergovernmental agreement reached between Albania, Italy and Greece for construction and operation of TransAdriatic pipeline (TAP). IGA signed between three countries in Athens on February 13, 2013 proves support of TAP hosting countries as well as their cooperation for timely implementation of the project.
April 2013 (Berlin) – German energy concern RWE sells its stake in the consortium operating Nabucco construction. Austrian company OMV acquires RWE’s stake. Apart from the Austrian concern, participating in the project were energy enterprises of Bulgaria, Hungary, Romania and Turkey.
April 23, 2013 (Baku) – President of the Republic of Azerbaijan signs an Order “About creation of the Azerbaijani complex for steel production”.
May 2, 2013 (Baku) – Shah Deniz Consortium begins evaluating legal obligations within the framework of pipeline projects Nabucco West and Trans Adriatic Pipeline (TAP).
May 6, 2013 (Baku) – Nabucco consortium announces about the open season process when traders are provided with an opportunity to reserve necessary gas volumes.
May 23, 2013 (Tirana) – Balkan states: Montenegro, Albania, Bosnia and Herzegovina, and Croatia sign a memorandum of understanding about support and cooperation in construction of two gas pipelines: Trans Adriatic Pipeline, TAP and Ionian Adriatic Pipeline, IAP. A 530km long IAP will in essence become a branch line of TAP.
May 28, 2013 (Vienna) – Austrian Energy Company OMV announces about a new partner in Nabucco project.
They mean the French energy company GDF Suez SA which purchased about 9% of this project from OMV. In this way, GDF Suez replaces a German RWE AG in the project, which sold its 17% stake in Nabucco project to Austrian OMV in mid of April 2013.
June 4, 2013 (Baku) – Azerbaijani-American Caspian Drilling Company Ltd and Singaporean company Keppel sign an agreement on construction of semisubmersible drilling rigs of the 6th generation. Construction of the first drilling rig will be completed in the third quarter of 2016 and it will be used on Umid and Babek fields. The second drilling rig will be used at offshore field Absheron in accordance with the order of the French company Total.
June 28, 2013 (Baku) – Shah Deniz consortium chooses Trans Adriatic Pipeline project for the transportation of Azerbaijani gas to Europe. Nabucco Gas Pipeline International admits Shah Deniz Consortium’s decision on selection of TAP as a route for delivery of Caspian gas to the European market.
August 11, 2013 (Ceyhan) – A tanker loaded with oil exported along Baku-Tbilisi-Ceyhan pipeline and exceeded 2 bln sails out of Ceyhan.
August 13, 2013 (Baku) – SOCAR and OJSC “Oil company Rosneft” sign an agreement on cooperation and on major terms of oil supply between SOCAR and OJSC “Oil company Rosneft”.
September 12, 2013 (Baku) – Azerbaijan ships into the sea upper structures for the new platform within the framework of the Oil project Chyrag.
September 19, 2013 (Baku) – Commercial agreements are signed with 9 European companies on purchase-sale of gas for 25 years within the framework of the Shah Deniz II project, starting from 2019. The agreements are signed by Axpo Trading AG, Bulgargaz EAD, DEPA Public Gas Corporation of Greece S.A., Enel Trade SpA, E.ON Global Commodities SE, Gas Natural Aprovisionamientos SDG S.A., GDF SUEZ S.A., Hera Trading srl and Shell Energy Europe Limited. In general, 10 bcm of gas are to be annually supplied to the European market for 25 years within the framework of the Shah Deniz II project.
September 2013 – TAP Consortium starts working for obtaining rights for passing and acquiring lands for a 870km long pipeline in Albania, Greece and Italy.
September 20, 2013 (Baku) – President of Azerbaijan Ilham Aliyev attends the opening of the shipbuilding yard in Baku, meeting modern standards.
October 22, 2013 (Baku) - President of the Republic of Azerbaijan signs an order about creation of the Azerbaijan Caspian Shipping Closed Joint-Stock Company and Caspian Maritime Oil Fleet of the State Oil Company of Azerbaijan Republic. The abolished structures are ordered to pass Azerbaijan Caspian Shipping Closed Joint-Stock Company.
October 29, 2013 (Baku) – President of the Republic of Azerbaijan Ilham Aliyev signs an order “On measures associated with the transportation of Azerbaijani natural gas to the world market along the Southern gas corridor. A state commission on full scale development of the gas condensate field Shah Deniz, expansion of the South-Caucasian pipeline (SCP), implementation of the TransAnatolian (TANAP) and TransAdriatic (TAP) pipeline projects is created.
December 2, 2013 (Baku/Ankara) – State Oil Fund of Azerbaijan allocates part of financial resources ($475mln) within the framework of financing of SOCAR’s new Oil Refinery in Turkey by Azerbaijan. SOCAR Turkey Yatirim JSC is created with an equity stock $1.9bln. 40% ($760 mln) belongs to the state.
December 5, 2013 (Rome) – Parliament of Italy approves a law about ratification of the three-sided intergovernmental agreement on the TransAdriatic gas pipeline (TAP) project signed between Italy, Greece and Albania on February 13, 2013. The agreement strengthens a number of key obligations of Italy, Greece and Albania on further development, construction and operation of TAP pipeline.
December 17, 2013 (Baku) – Final investment decision is made on Shah Deniz II. The capacity of existing pipelines in Turkey will be increased. TAP and TANAP projects gains an investment support.
December 17, 2013 (Baar) - TransAdriatic gas pipeline shareholders (SOCAR, Statoil, BP, Fluxys, Total, E.ON and Axpo) confirm (December 17) that they have passed the resolution about construction, development and implementation of the TransAdriatic gas pipeline project (TAP). This statement followed Shah Deniz consortium’s announcement about making of final investment decision on Shah Deniz II project.
December 17, 2013 (Baku) - The contract on Shah Deniz development is prolonged till 2048. SOCAR and BP increase their shares in the project. SOCAR and BP buy from the Norwegian company 6.7% and 3.3% of the project of development of Shah Deniz gas condensate field and South-Caucasian gas pipeline for $1.45bln respectively. The deal will gain force since January 1, 2014.
December 19, 2013 (Baku) – The Consortium awards the first projects worth about $2bln within the framework of Shah Deniz II right after signing of the investment decision. The construction of the platform, including technical facilities, will be carried out by the Joint Venture of SOCAR and the alliance created by SOCAR.
January 2014 (Баар) - Trans Adriatic Pipeline AG (ТАР) sign a memorandum of understanding and cooperation with the interconnector Greece-Bulgaria (ICGB) which operates the development, financing and construction of the Greece-Bulgaria interconnector. The companies are to work together over the implementation of the project of construction of the interconnector around the city of Komotini (Greece).
January 2014 (Baku) – Shah Deniz consortium starts construction work within the framework of Stage II.
January 28, 2014 (Baku) – Azerbaijani international operating company (AIOC) is developing Azeri-Chyrag-Guneshli fields in the Azeri sector of the Caspian Sea announces that it has started producing oil from West Chyrag. The Chyrag Oil Project is considered completed after the commencement of production at West Chyrag platform.
January 30, 2014 (Baku) - SOCAR commissions the second well on gas condensate field Umid.
February 18, 2014 (Moscow) – State Oil Company of Azerbaijan and Russian Transneft signs a new agreement on basis of mutually beneficial commercial conditions for transportation of oil along Baku-Novorossiysk pipeline.
February 25, 2014 (Baku) – President of the Republic of Azerbaijan Ilham Aliev signs an order “On some measures concerning the second stage of development of Shah Deniz field and other projects on creation of the Southern gas corridor. In particular, SOCAR is assigned to create CJSC (49% owned by SOCAR, 51% by the state) with a $100 mln authorized capital and ensure effective control over projects; as well as pass the CJSC a shareholding in projects.
March 19, 2014 (Baku) – Partners on development of the Shah Deniz II sign 6 new contracts worth 841 mln dollars within the framework of implementation of the project.
April 2014 (Ankara) – Registration of the TANAP project has been commenced in accordance with the decision of the Turkish government.
April 2014 (Baku) – The scheme for gas projects financing has been changed. According to the order of President of Azerbaijan, the expenditures of SOFAZ reduced by 759.9 mln AZN (about $969 mln). Changes refer to the item of expenditures meant for financing Azerbaijan’s stake in the TransAnatolian pipeline project. Now the item is changed for financing state-owned shares of the CJSC established for management of Shah Deniz II, expansion of SCP, TANAP and TAP projects. 40.1 mln AZN ($51.1 mln) are planned to be spent for these purposes. The new company to be called Southern Gas Corridor will finance gas projects by means of attraction of investments from SOFAZ.
April 11, 2014 (Baku) – The scheme of financing of the Southern Gas Corridor Company has been determined. State Committee for Securities of Azerbaijan registers an initial issue of 100 ordinary registered shares of Southern Gas Corridor CJSC, placed privately.
April 23, 2014 (Baku) – Shipbuilding plant of SOCAR (State Oil Company of Azerbaijan) and partners on development of the offshore Shah Deniz gas condensate field sign an agreement on construction of the multifunctional vessel to be operated within Shah Deniz II.
April 30, 2014 (Baku) – Consortium on development of Shah Deniz gas condensate field in the Azeri sector of the Caspian Sea signs a contract with BOS Shelf LLC, Saipem Contracting Netherlands B.V. and Star Gulf FZCO companies for $1.8 bln.
May 1, 2014 (Oslo) – Norwegian Statoil announces about sealing a bargain on sale of 10% it has in Shah Deniz and South Caucasian Gas Pipeline projects to SOCAR and BP for $1.45 bln.
May 6, 2014 (Baku) - SOCAR and German RWE Dea sign an agreement on conduction of joint exploration for presence of hydrocarbons in the Caspian, namely, in the water area of the southern part of Absheron peninsula.
May 19, 2014 (Ankara) – TANAP Consortium signs a contract with Worley Parsons Limited for controlling design, purchase and construction of the gas pipeline.
May 22, 2014 (Baku) – The following contract has been signed within the framework of expansion of the Southern-Caucasian gas pipeline. Shah Deniz Consortium signed a contract with Bredero Shaw International BV within the framework of expansion of SCP.
May 24, 2014 (Petersburg) – State Oil Company of Azerbaijan and Rosneft sign an agreement about creation of joint venture for oil-gas exploration, production in Azerbaijan, Russia and third countries.
May 30, 2014 (Baku) - SOCAR signs agreements worth $3.5 bln with financial institutions within the framework of the project of construction of the new Oil Refinery Star in Turkey.
July 24, 2014 (Baku) – SOCAR creates two companies within the framework of the Southern Gas Corridor project. Both companies (“SOCAR Upstream Management International” and “SOCAR Midstream Operations”) are located in the head office of SOCAR and have an equity stock to the sum of 1,000 AZN.
August 28, 2014 (Ankara) – A credit agreement worth $1bln has been signed within the framework of financing the acquisition of 10% stake of Total company in Shah Deniz project by TPAO.
September 10, 2014 (Baku) – President of the Republic of Azerbaijan signs an Order “About measures for more efficient organization of the process of obtaining rights for lands and other real estate facilities due to the project of expansion of the South Caucasus Pipeline.
September 20, 2014 (Baku) – 20th anniversary of signing of the Contract of the Century under leadership of National Leader Heydar Aliyev.
