SOCAR definition
Examples of SOCAR in a sentence
SOCAR shall have the right to use excess capacity in Contractor Facilities provided such use does not interfere with or adversely affect Petroleum Operations.
After Zero Balance the priority shall be first Contractor, second SOCAR and finally Third Parties.
SOCAR hereby grants to Contractor the sole and exclusive right to conduct Petroleum Operations within and with respect to the Contract Area in accordance with the terms of this Agreement and during the term hereof.
SOCAR shall pay a mutually agreed fee for such use to be credited to the Petroleum Operations Account.
Contractor shall notify SOCAR of its intention to dispose of any such equipment and facilities (except in the case of fixed assets to which the provisions of Article 14.2(d) shall apply).
Duly authorised representatives of SOCAR may on not less than three (3) days notice in writing inspect at justified intervals, and at reasonable times work, facilities, equipment and materials relating to the Petroleum Operations, provided that such inspection shall not unreasonably interfere with or delay the conduct of Petroleum Operations.
Prior to Zero Balance the priority of such use of Contractor Facilities shall be first Contractor, second Third Parties, and finally SOCAR.
In the event that Contractor materially refurbishes, upgrades or improves any facilities that are under SOCAR’s direct or indirect ownership or control, including but not limited to infrastructure, vessels, rigs, means of transportation, supply bases, warehouses, port facilities, then SOCAR shall ensure that Contractor has prior right to use such facilities as may be necessary for the purpose of carrying out Petroleum Operations.
Notwithstanding any provision herein to the contrary, SOCAR and Contractor shall have equal priority to capacity in Contractor Facilities to transport Petroleum produced from the Contract Area in proportion to their rights to take Petroleum under this Agreement.
Unless SOCAR elects, within thirty (30) days to assume responsibility for and take delivery thereof, Contractor shall be free to dispose of any such equipment and facilities at the best price obtainable.