Azerbaijan Not Concerned with Turkmen Caspian Threat

BAKU (Itar-Tass)–Terry Adams–the president of the Azeri International Operational Company–is sure that three oil fields developed by his company are in the Caspian Sea sector–which belong to Azerbaijan.

"The company would not invest billions of dollars in a business in which it does not believe in," he told reporters in Baku on Friday. The total cost of the project is estimated at almost $8 billion. The project is estimated to produce 511 million tons of oil in the next 30 years.

Adams does not deny Turkmenia’s claims to two of the fields – Azeri and Chyrag. The country has put forward the claims on two occasions this year–most recently–about three weeks ago–shortly after an Azeri and two Russian oil companies signed an agreement in Moscow on developing the Kyapaz field in the sea.

The Azeri government and the Azeri International Operational Company–in an official letter–pointed out the mistake to Turkmenia–Adams said.

Adams expressed hope that things would not go to trial and the sides would settle the matter through negotiations. However–he has no doubt that if the case should go to court–the decision would be favor of Azerbaijan.


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