FOREIGN FIRMS INK TENTATIVE $7 BILLION CASPIAN PACT

Foreign companies negotiating terms with the Government of Azerbaijan to develop Caspian Sea oil fields have agreed in principle on a $7 billion program. Eight western oil companies will take a combined 20% stake in a production sharing contract (PSC) to develop Chirag and Azeri fields, with the Azeri government holding the remaining 80%. British Petroleum Co. plc said the agreement marked the end of the current round of talks. The agreement covered technical, legal, and commercial details

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