VOL. XXXVII

NO. 43

25-JULY-1994

General

Western Firms Clear Another Hurdle In Quest For Azeri Oil

Representatives of the eight-member consortium negotiating with Azerbaijan onthe development of offshore oil fields in the Caspian Sea cleared another hurdlein the three-year-long saga on 15 July when they signed a protocol withAzerbaijan's state-owned oil company, Socar, covering the details of aproduction-sharing agreement that could eventually entail an investment ofsome $7bn. The protocol, which...