Middle East Economic Survey

VOL. XLVIII

No 35

29-August-2005

CASPIAN

UAEs Rafi Oil Signs PSA For Azerbaijans Onshore Surakhani Oilfield

Rafi Oil Company of the UAE on 17 August signed a production-sharing agreement (PSA) with the State Oil Company of the Azerbaijan Republic (Socar) for the onshore Surakhani oilfield, which has been in production since 1904. According to the PSA, Rafi Oil will hold a 75% share in the project, while Socar will have the remaining 25%. Rafi Oil will finance Socars...