The government of Azerbaijan signed a new production sharing agreement (PSA) with the consortium operating the Azeri-Chirag-Deepwater Gunashli oil field in the Caspian. The new deal gives Baku a much larger stake in the field and establishes Azerbaijan's economic ties to Europe for decades to come.
The agreement, signed September 14, has taken five years to negotiate and runs until 2050. It sees Azerbaijan's state oil company Socar increase its stake in the field from 11.65 percent to 25 percent, with stakes held by its eight international partners falling proportionally.
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