VOL. XLVI

No 24

16-June-2003

CASPIAN

Chinese Announce Developments In Onshore Azerbaijan

A subsidiary of Chinas Sinopec, Shengli, and Azerbaijans state-owned oil company Socar on 4 June signed a contract to rehabilitate, explore, develop and share production at the onshore Pirsagat oilfield. The 25-year contract calls for Shengli to invest some $140mn in the aging oilfield, which covers a 34 sq km area south of Baku. Shengli holds 50% of the agreement, while Socar holds 25% and the remaining 25%...