Shah Deniz consortium enters in to supply agreements valued at more than $100 billion.

Shah Deniz consortium enters in to supply agreements valued at more than $100 billion.:

"The BP Plc led consortium developing Azerbaijan’s Shah Deniz natural gas field has entered in to major supply agreements valued at more than $100 billion.

Alasdair Cook, BP’s Vice President for Shah Deniz Development, said that nine buyers had agreed to 25 year contracts to purchase “significant quantities” of gas, representing more than 10 billion cubic meters of gas annually from the field’s second phase starting in 2019.

“The gas contracts signed today are sensitive to market demands within Europe,” Cook said. “The way we sell the gas recognizes the needs of the countries and the companies that we are selling gas to.”

The contacts provide a significant step forwards as the consortium moves towards a final investment decision for the Shah Deniz II project planned by year end."

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