VOL. XXXVII

NO. 52

26-SEPTEMBER-1994

Oil Prices

CIS

Azerbaijan Signs $8bn Oil Pact With Western Consortium

After more than three years since the start of negotiations, Azerbaijansigned on 20 September an agreement worth approximately $8bn with a nine-member,western-led consortium, plus Russia's Lukoil in Baku, the capital of Azerbaijan.The deal covers the phased development of the Azeri, Chirag, and deep-watersections of the Guneshli offshore oilfields in the Caspian Sea over a 30-yearperiod....