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. Last Updated: 07/27/2016

Caspian Decision Delay

LONDON -- International oil companies operating in Azerbaijan have delayed a key Nov. 12 meeting to decide their recommendation for the main pipeline route for exports of Azeri Caspian crude until early December, Charles Pitman, chairman of Amoco Eurasia said Thursday.

"By mutual agreement with SOCAR we agreed things needed a little more time," Pitman said at an industry conference in London.

Amoco is a leading member of the 12-company Azerbaijan International Operating Consortium, or AIOC, which is developing oil fields in the Azeri sector of the landlocked Caspian Sea. Azerbaijan holds a stake through the state company SOCAR.