President of Azerbaijan Approves MoU on Dostluk Field

BUSINESS TURKMENISTAN
President of Azerbaijan Approves MoU on Dostluk Field
President of Azerbaijan Ilham Aliyev (Photo: Prezident.az)

President of Azerbaijan Ilham Aliyev on Tuesday signed a law approving the Memorandum of Understanding between Azerbaijan and Turkmenistan on Dostluk field, according to the document posted on official website of the Azerbaijan’s President.

Memorandum of Understanding between the Governments of the two states on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea was signed on January 21 in Ashgabat.

Azerbaijan's Milli Mejlis (Parliament) ratified the MoU on Monday.

The resources of the Dostluk field are expected to be distributed between Azerbaijan and Turkmenistan in the ratio of 30% to 70%, respectively.

Joint exploration and development of hydrocarbons in the Dostluk field would provide a positive contribution to the energy security of Turkey and other European countries, Foreign Minister of Azerbaijan Jeyhun Bayramov noted during a joint press conference with his Turkish and Turkmen counterparts on Tuesday.

The signing of the memorandum on Dostluk has attracted attention from Russian private oil producer Lukoil. In a meeting with the Head of the company in Ashgabat last week, President of Turkmenistan Gurbanguly Berdimuhamedov expressed Turkmen side’s support for the company's intent to participate in the development of the Dostluk field, as well as its readiness to consider specific investment proposals for the implementation of the project.