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BP-led group extends Azeri oil "contract of the century"

Reuters  |  BAKU/LONDON 

By Nailia Bagirova and Ron BoussoBAKU/LONDON (Reuters) - BP and Azerbaijan agreed on Thursday to extend into 2050 a contract to develop the ex-Soviet state's biggest oilfield cluster, a deal dubbed "the contract of the century" when first signed in 1994.Under the new production sharing agreement, the Azeri state energy company SOCAR will increase its share to 25 percent from 11.65 percent, while BP's stake declines to 30.37 percent from 35.8 percent. BP will remain the operator.The new contract secures large investment in Azerbaijan's oil sector for decades and a one-off bonus of $3.6 billion ...

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First Published: Thu, September 14 2017. 21:25 IST