July 4, 1997. - The State Oil Company of the Azerbaijani Republic (SOCAR) and Russian oil companies LUKOIL and Rosneft have signed a contract on July 4 which gives them the right to enter into a production-sharing agreement to explore and develop oil fields in Azerbaijan.

SOCAR receives a 50% stake in the project, LUKOIL 30% and Rosneft 20% under the Contract on Basic Commercial Principles and Provisions for an Agreement on the Exploration of Azerbaijani Petroleum Fields, Including Kyapaz in the Caspian Sea, which the three companies signed in Moscow.

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