TODAY.AZ / Business

KNOC confirms plans to receive 20% of Inam

28 August 2006 [12:10] - TODAY.AZ
South Korea's Korea National Oil Corp (KNOC) has confirmed its interest in acquiring 20% of a project to develop the Inam prospect in the Azerbaijani sector of the Caspian Sea.

"We studied the technical and economic aspects of the project. During the current visit we will make an official offer to the SOCAR. We would like to receive a 20% stake. But everything depends on the negotiations," KNOC Vice President Kim Jin Seok told Interfax Azerbaijan.

The contract to develop the Inam structures was signed on July 21, 1998. The participants in the project are currently SOCAR - 50%, BP - 25% (operator), Shell - 25%. According to preliminary information, the full-scale development of the structure will require investment of $3.5 billion - $4 billion.


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