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ECONOMY

*LAND ACQUISITION PROCESS IN AZERBAIJAN COMPLETED

01.08.2003 [13:02]
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The process of land acquisition and payment of compensation in Azerbaijan has been completed. According to bp Azerbaijan, compensation has already been paid out to 99% of the over 4150 private landowners and land users, 102 municipal organs and the Ministry of Ecology and Natural Resources (for forest territory). The total cost of direct payments of compensations for land plots in Azerbaijan adds up to USD14.2 million. About 1% or 29 private landowners and land users that have not taken part in the process for objective reasons (absent from the country, inheritance, absent on military service, etc) have yet to receive their compensations.

In all 4309 agreements for lease and land acquisition were signed out of which 4005 was with landowners, 202 - with leasers and 102 - with municipalities.

Partners of the BTC project include: bp (30.1%); SOCAR (25.00%); Unocal (8.90%); Statoil (8.71%); TPAO (6.53%); Eni (5.00%); Itochu (3.40%); ConocoPhillips(2.50%); INPEX (2.50%), Total S. A (5.00%) and Amerada Hess (2.36%).

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