Azerbaijani parliament ratifies new oil agreement

By Azernews

By Ayya Lmahamad

The Azerbaijani parliament has ratified a new oil agreement, Trend has reported.

The parliament meeting discussed a bill on the adoption, approval and granting of permission for the implementation of the Risk Servicing Agreement between Azerbaijan's State Oil Company (SOCAR) and GL International LTD LLC in connection with the project of restoration and development of the Buzovna-Mashtagha, Gala and Zira block of oil fields.

Sadig Gurbanov, chairman of the parliamentary committee on natural resources, energy, and ecology, briefed on the project's benefits, which include attracting local investments, developing local companies and personnel, and introducing new technologies.

Following the discussions, the document was put to a vote and adopted.

Nowadays, Azerbaijan has become not only a supplier but also a reliable transit country.

As a result of the country's policy, Azerbaijan became a recognized member of the international community, proved itself as a reliable international partner, became a guarantor of European energy security, and laid the foundations for regional leadership.