New offshore platform in Azerbaijani sector of Caspian Sea?

New offshore platform in Azerbaijani sector of Caspian Sea? The U.S. Emerson Process Management signed a contract with the Azerbaijan International Operating Company (AIOC) to automate a new offshore platform in the Azerbaijani sector of the Caspian Sea, within the Chirag Oil Project, the U.S. company reported. The Chirag Oil Project, to be completed in 2013 and operated by BP Azerbaijan, will enable additional oil to be recovered from the Azeri-Chirag-Guneshli field. The Project... Read More

Azeri oil fund restricts foreign managers’ access to assets

Azeri oil fund restricts foreign managers’ access to assets Azerbaijan’s state oil fund Sofaz has revised its policy of placing assets through foreign managers in 2012. According to the changes, Sofaz may transfer no more than 5 percent of the total cost of its investment portfolio to foreign management whereas in 2011 the maximum amount was 15 percent. The measure is envisaged in the 2012 investment policy approved by President Ilham Aliyev. The fund’s managers are... Read More