Turkmenistan and Pado Oil & Chemical sign deal for Khazar field

Jul 03, 2000 02:00 AM

Turkmenistan President Saparmurad Niyazov and head of Pado Oil & Chemical (Austria), Wladlen Badian, signed a product-sharing agreement on June 26 on the Khazar deposit in eastern Cheleken.
Turkmenneft, which formed a consortium with Pado Oil & Chemical, has become a production-sharing operator. The Austrian partner will provide 100% of financing for the project, while the Turkmenistani company is ready to produce up to 10 mm tons of oil at the deposit. Within the 25-year term of the agreement, the Austrian company intends to invest around $ 300 mm. The project will make it possible to earn a profit of $ 600 mm, 50% of which will be paid to the Turkmenistani side.

Source: Turkmenistani Press via NewsBase
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