Middle East Economic Survey


No 10



Socar Extends Shah Deniz Concession By Five Years

BP Azerbaijan announced that the Shah Deniz gas field development partners and Azeri state firm Socar concluded an agreement on 1 March to extend the period of the concession, first signed in 1996, by five years from 2031 to 2036. This extension was thought necessary to guarantee that the consortium members, led by BP and Statoil, will be able to raise the capital needed for the...