TODAY.AZ / Business

BP Azerbaijan doubles local contractor spendings

01 June 2006 [18:57] - TODAY.AZ
BP Azerbaijan plans to double the funds it spends through local companies in the coming years to bring the amount to $500m, the company's vice-president Phil Home has said.

"Last year we announced that we would double the amount we spend with locally-owned companies by 2010. This would put an additional $250 million a year into the Azerbaijani economy - but would also further stimulate and encourage the development of small and medium-sized companies, vital engines of healthy economic growth," Home told a ceremony of presenting "The Best Business" award on Thursday.

"In working with local contractors to deliver Azerbaijan's major oil and gas development projects we have created a distinctive Caspian presence, bringing new investments, jobs, technology, standards and skills to Azerbaijan," the oil executive said.



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