Also yesterday, Azerbaijan signed two relativelysmaller contracts for the development of its onshore oilfields. A contractworth US$800 million includes the British-Canadian Commonwealth Oil with a40 percent interest, the U.S. company Union Texas Petroleum with another 40percent, and SOCAR with 20 percent. The other contract, worth US$700million, includes SOCAR with a 50 percent interest, U.S. Frontera Resourceswith 30 percent, and Amerada Hess of the U.S. and Delta Oil of Saudi Arabiawith 10 percent each. These contracts, as well as the larger one reportedabove, were signed on the opening day of the fifth annual Oil and Gasinternational conference which opened in Baku yesterday. (Turan, Businesswires, June 1 and 2)
IMF UPBEAT ABOUT KAZAKHSTANI ECONOMIC PERFORMANCE.