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Major events in Caspian countries' oil and gas industry for last week (Oct.13-17)

Analysis Materials 21 October 2014 10:59 (UTC +04:00)

Statoil sells its share in Shah Deniz to Malaysian PETRONAS

Norway's Statoil company has sold its 15.5-percent share in the Shah Deniz project, 15.5-percent share in the South Caucasus Pipeline and 12.4-percent share in the Azerbaijan Gas Supply Company (AGSC) to the Malaysian oil and gas company PETRONAS.

The transaction value is $2.25 billion.

The transaction is expected to be closed early 2015.

Azerbaijan cuts oil price forecast for 2015

The Azerbaijani government has lowered the forecast of oil prices from $100 in 2014 to $90 per barrel for 2015, said the presentation of projects of state and consolidated budget of Azerbaijan for 2015, released by the Ministry of Finance of Azerbaijan.

The share of oil sector in GDP for 2015 is predicted at 34.9 percent versus 40.4 percent in 2014.

Iran dismisses canceling gas pipeline project with Pakistan

The Iranian oil ministry has dismissed the reports about canceling the Iran-Pakistan (IP) gas pipeline project, the ministry's official news agency SHANA reported.

Earlier, Pakistani media outlets reported that Iran has unilaterally ended the government-to-government cooperation agreement with Pakistan, and after this decision the IP gas pipeline project has become unfeasible.

The Islamic Republic's oil ministry announced that despite some differences on the issue, the Iranian side is committed to continue cooperation to finalize the project.

A high-ranking Pakistani delegation is due to visit Iran in the new future to discuss accelerating the project's implementation, according to the report.

Iran has already built 900 kilometers of the pipeline on its own soil and is waiting for the Pakistani side's 700-kilometre section to be constructed.

However, Pakistan has made little progress on laying its section of the long planned pipeline; largely due to lack of funds for the costly project.

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