"Gas contracts are based on long-term strategy and signed for at least 25 years.According to the terms of such agreements, the right called revision can be used during certain periods. When changes occur in market conditions or other processes, one party apply to the other side for revision.
This is how gas agreement between Turkey and Azerbaijan.In 2007, the revision has applied by Azerbaijan for the right to make changes to the prices.The Turkish side responded positively to it and prices adjusted to market conditions.At present I do not see the need to use this right", said SOCAR President.
More about:
