Press release

EY Baku Partner presented at the 12th Annual CIS Oil & Gas Summit in Paris

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Baku, 16 May, 2012 ― On 14-16 May, 2012 the three-day conference brought together more than 45 speakers, 280 participants from 29 countries and many other influential leaders from various organizations who convened in Paris to discuss the major market trends, regional policies, strategic prospects and investment and development opportunities in a lucrative CIS oil and gas market. This event was organized by The Energy Exchange Ltd.

Turgay Teymurov, EY's Partner, ECU leader for Azerbaijan, has spoken at the conference on the impact of evolving contractual relationships between the International Oil Companies (IOCs) and the National Oil Companies (NOCs), the raised challenges and mitigation techniques.

Turgay highlighted main features of traditional contractual models as well as new trends in relationship between IOCs and NOCs. "Today IOCs increasingly partner with NOCs. The increased risks and competition for resources are creating new challenges for IOCs and they become creative and enter into deals which they would not consider 5 years ago" says Turgay.

"The conference was very successful with great participation and engagement of oil majors and top government officials from the CIS countries" he added.

The summit became the flagship event in the Oil and Gas sector in the CIS, bringing major oil and gas companies together with key operators and suppliers. EY is one of the sponsors of the event.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

EY expands its services and resources in accordance with clients’ needs throughout the CIS. 4,000 professionals work at 18 offices including Moscow, St. Petersburg, Baku, Almaty, Astana, Kyiv, Tbilisi and other locations.

For more information about our organization, please visit www.ey.com

EY in Azerbaijan
EY has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 17 years ago and the growth of our local financial service industry group. Today, in addition to being a leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing them to face the challenges of the international economy.

We currently have more than 120 staff in our Baku practice, which served our clients, including banks and other financial institutions, in Azerbaijan. The strength of EY in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

For more information, please refer to www.ey.com/Azerbaijan.