Azerbaijan seeks $60 billion in new oil investment

BAKU, Azerbaijan, Oct. 6 (UPI) -- State Oil Co. of the Azerbaijani Republic President Rovnag Abdullayev said that future oil contracts may provide Azerbaijan $60 billion in foreign investment.

In a Monday interview with Region Plus magazine Abdullayev commented, "In this period (since 1994), 26 oil agreements with oil companies from various countries were signed. They provide for investment of roughly $60 billion in Azerbaijan's oil and gas production. Over the past 15 years capital investment in oil and gas production has totaled $29.866 billion. In addition, bonuses, acreage and other payments have totaled $1.283 billion. Another major project, Shah Deniz, has attracted $5.409 billion in investment, with bonuses, acreage and other payments totaling $87.8 million. According to expert projects, 'the contract of the century' (the Azeri-Chirag-Gunashli project) will generate over $200 billion for Azerbaijan. That money will be used both to enhance the state's economic power and to ensure the welfare of current and future generations via the State Oil Fund."