BAKU (Itar-Tass)–Azeri President Gaidar Aliyev welcomed the idea of launching joint oil production on the Apsheron peninsula put forth by former US Undersecretary of Energy Bill White.
White is now the board chairman of the US Frontera Resource’s Corporation which engages in oil operations.
He proposed to use modern equipment made in the United States by the corporation Baker Hughes.
Azeri specialists estimate that the Apsheron peninsula–where more than 1.2 billion tons of hydrocarbons have developed over the last 150 years–still contains 40 percent of oil.
The republic cannot extract it on its own because of the lack of modern equipment–technologies and funds.
White said that the US companies–which created a strategic alliance last summer–are prepared to provide the necessary equipment–technologies and funding in order to implement the project in Azerbaijan.