Contracts Signed Between SOCAR and International Oil Companies

----

February 1999
Contracts:                                             Contacts:1.  AIOC                                               Mr. Nick Rouse  signed Sept. 20, 1994                                  Manager, Department of BP (17.1); Statoil (8.6); Itochu (4.0)                 Procurement and Transportation.Amoco (17.0); Exxon (8.0); Ramco (2.1);                Address:  Villa Petrolea, 2 Unocal (10.0); TPAO (6.8); Delta (1.6);                Neftyannikov, Bailov, Baku, Lukoil (10.0); Pennzoil (4.8); Socar (10.0);           Azerbaijan est. oil reserves:  500 million tons                   Tel:  (99 412) 979000; 939014investment:  $7.8 billion                              Fax:  (99 412) 988794.2.  CIPCO (Caspian International Petroleum Company)    Mr. James Tilley, Presidentsigned Nov. 10, 1995                                   Address:  63 Neftyannikov Ave.,LukAgip (45.0); Lukoil (12.5); Socar (7.5);            Old Intourist  Hotel, 4th floorPennzoil (30.0); Agip (5.0);                           Tel:  (99 412) 971188;est. oil reserves:  120 million tons                   Fax:  (99 412) 971180investment:  $1.5 billion3.  Shahdeniz                                          Mr. Ian Crawford, signed:  June 4, 1996                                  Procurement and Contracting          BP (25.5); Lukoil (10.0); TPAO (9.0);         Manager, BP Operations (Shahdeniz)Statoil (25.5);     Elf (10.0); Socar (10.0);          Address:  99, Mirza Mansur Street,OIEC (10.0);                                           Tel:  (99 412) 978199; 978184est. oil reserves:  200 million tons                   Fax:  (99 412) 978192investment:  $4.0 billion4.  NAOC (North Absheron Operating Company)            Mr. Tom Klockenbrink, PresidentSigned Dec. 14, 1996                                   Address:  22 Boyuk Gala Street, Amoco (30.0); Itochu (20.0); Socar (20.0);             Baku - 370004Unocal (25.5); Delta (4.5);                            Tel: (99 412) 97-11- 27/28/43/71est. oil reserves:  150 million tons                   Fax: (99 412) 97-11-25/65investment:  $2.0 billion5.  Lenkoran-Talysh Deniz                              Mr. Jean Francios Daganaud,signed Jan. 13, 1997                                   President, Elf Petroleum B.V. Elf (40.0); OIEC (10.0); Petrofina (5.0);              Address:  1st Magomayev Lane 6, Total (10.0); Deminex (10.0); Socar (25.0);            Ichari Shahar, 370004 - Bakuest. oil reserves:  100-110 million tons               Tel:  (99 412) 926780, 92-72-86investment:  $2.0 billion                              Fax:  (99 412) 98-08-716.  Apsheron (former Tagiyev)                          Mr. John Connor,signed Aug 1, 1997                                     Country Manager, ChevronChevron (30.0); Socar (50.0);                          Address:  17, Z. Tagiyev Street, Total   (20.0)                                         370000 - Baku  est. oil reserves:  117 million tons                   Tel: (99 412) 97-13-49; 97-13-39investment:  $2.0 billion                              Fax: (99 412) 97-13-537.  Nakhchivan Signed Aug 1, 1997                      Mr. John Hoholick, Exxon (50.0); Socar (50.0);                            Resident Manager, Exxonest. oil reserves:  90 million tons                    Address:  The Landmark Buildinginvestment:  $2.0 billion                              Nizami Street 96, Baku,                                                        Azerbaijan                                                       Tel: (99 412) 98-24-60/1/2/3/5/6/                                                                                                 Fax: (99 412) 98-24-728.  Yalama Signed July 4, 1997                         Mr. Fikret Aliyev, JV LUKARCO:  LUKoil (32.4);                            Resident RepresentativeARCO (27.6);                                           Address:  Sabir Street, 3Socar  (40.0);                                         Tel:  (99 412) 92-32-35est.  oil reserves:  50 million tons                   Fax:  (99 412) 93-48-30      investment:  $1.5 billion 9.  Oguz  Signed Aug 1, 1997                           Mr. Philp Cedric,Mobil (50.0); Socar (50.0);                            President, Mobil Azerbaijanest. oil reserves:  100 million  tons                  Address: A. Zeynalli Street, 45investment:  $2.0 billion                              Tel: (99 412) 97-15-60/62/63                                                                                             Fax: (99 412) 97-15-6110.  Kurdashi Signed June 2, 1998                      Mr. Eros Agostinelli,SOCAR (50.0); Agip (25.0);                             Resident Representative, AgipMitsui (15.0); TPAO (5.0);                             Address:  Sabir Street, 1/3Rebsol (5.0);                                          Tel:  (99 412) 98-02-88; 98-32-62Est. oil reserves:  100 million tons                   Fax:  (99 412) 98-09-38Investment:  $1.7 billion                                   11.  Jenubi-Garbi Gobustan Signed June 2, 1998         Mr. Rich MacDougal,SOCAR (20.0);                                          President, UTP Commonwealth Oil and Gas" (40.0);                      Address: Inglab Street,119Union Texas Petroleum (40.0);                          Tel:  90-63-79, 90-63-75Est. oil reserves:  20 million tons                    Fax:  90-63-78Investment:  $800 million12.  Kursangi and Garabagly                            Mr. Kamran BabayevMain Principles Signed June 2, 1998                    Resident Manager, Delta OilSOCAR (50.0); Frontera Resources (30.0);               Address:  133/36 Alovsat Qouliyev Delta Oil/Amerada Hess (20.0);                         Street Est. oil reserves:  20 million tons                    Tel:  94 14 22; 97 33 17Investment:  $800 million                              Fax:  97 32 8713.  Muradkhanly, Jafarli, and Zardab  July 22, 1998   Mr. Namik Amirov,Ramco (50.0); SOCAR (50.0);                            Manager, RamcoEst. oil reserves:  13 million tons                    Address:  9, Boyuk Gala StreetInvestment:  $800 million                              Tel:  (99 412) 92-40-63                                                       Fax:  (99 412) 97-10-8714.  Inam Signed July 22, 1998                         Mr. Karl Arleth, Amoco (25.0); Monument Oil and Gas (12.5);             President, Amoco Caspian Sea Central Russian Fuel (12.5);                           PetroleumSOCAR (50.0);                                          Address: Icheri Sheher, Est. oil reserves: 100 million tons                    Boyuk Gala Street 22          Investment:  $1.5 billion                              Tel: (99 412) 98-91-70; 92-39-65;                                                                                     Fax: (99 412)  98-91-71  15.  Araz, Alov, and Sharq Signed July 22, 1998        Mr. Ian Forbes,BP (15.0); Statoil (15.0);                             President, BP ExplorationTPAO (10.0); SOCAR (40.0);                             Address:  99, Mirza Mansur StreetRemaining 20% to be advised                            Tel:  (99 412) 97-81-00(Exxon, Petrofac or Shell)                             Fax:  (99 412) 97-81-33Est. oil reserves: 900 million tons                    Investment:  $3.5 billion16.  Ateshgah, Yanan-Tava, and Mugan Deniz, Signed December 25, 1998JAEX (22.5); Teikoku Oil Co. (7.5); Indonesia Petroleum Co.,(12.5); ITOCHU CO., (7.5); SOCAR (50.0).Est. oil reserves:  75-90 million tonsInvestment:  $2.3 billion

***This report is provided courtesy of the Business Information Service for the NewlyIndependent States (BISNIS)***