SOCAR states that it expects AIOC to export its oil via Baku-Ceyhan
01-06-00 Oil produced by the Azerbaijan International Operating Company (AIOC) within the framework of wide-scale development of the Azeri, Chirag and Guneshli deposits in Azerbaijan will move along the Baku-Ceyhan route, said Valekh Aleskerov, head of the foreign investment department at the State Oil Company of Azerbaijan (SOCAR). That provision was stipulated by a contract signed with a consortium of foreign companies in 1994.
SOCAR is ready to dilute its share in the soon-to-be-established MEPCO, the Main Export Pipeline Company, in return for guarantees for pumping oil through the Baku-Ceyhan pipeline and funds for the construction of a trunk pipeline. According to Valekh Aleskerov, head of SOCAR's department for foreign investment management, the company will retain control of 50 % plus one share in MEPCO. However, a portion of the shares may be assigned. Specifically, SOCAR made it public that AIOC wishes to acquire 100 % of shares in MEPCO.
Source: Nezavisimaya Gazeta viaNewsBase
