VOL. XLII

No. 06

8-February-1999

FSU

AIOC Says It Will Cut Production, Operating Costs In 1999

The newly appointed chairman of the Azerbaijan InternationalOperating Company (AIOC), Mr. David Woodward, announced in Baku on 1 Februarythat the BP Amoco-led consortium would move to cut production costs by half andreduce operating expenses by up to 25% during 1999. He also said that as manyas 30 of the firm痴 120 expatriate staff would be cut and that AIOC痴 Londonoffice might also close. "Caspian Sea...