Middle East Economic Survey

VOL. XLVII

No 29

19-July-2004

CASPIAN

Shengli, MEP Plan $40Mn Investment In Azerbaijans Onshore Pirsagat Oilfield

Chinas Shengli Oil Company and Azerbaijans Middle East Petroleum (MEP part of the Azerbaijani holding company Azersun Holding) plan to invest $40mn in Azerbaijans aging onshore Pirsagat oilfield during 2004. Shengli signed a 25-year rehabilitation, exploration and production-sharing agreement with Azerbaijans state-owned oil company Socar in June 2003 (MEES...