$18 BILLION TO BE INVESTED TO BP-LED PROJECTS IN AZERBAIJAN

This was stated by the BP president David Woodward. At his words, this colossal means will be spent for development of the Azeri-Chirag-Guneshli and Shahdeniz prospects, as well as the Baku-Tbilisi-Ceyhan MEP construction. It becomes possible due to stable currency exchange, low inflation, and raise of macro-economic indices by 5-6 percent in the Republic. The oil sector of Azerbaijan, where BP has a great share, plays an important role in this process.

The BP-led oil-gas projects will involve some 100 local companies and many local specialists will be employed in realization of these projects. Since 2005, the Azeri-Chirag-Guneshli prospects will be developed in full scale and the oil profits of Azerbaijan will notably rise.

It has to be reminded that BP Company participates in four contracts on oil-gas production, as well as in the construction of BTC MEP. It is also the operator in each of these contracts.