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Major events in Caspian countries' oil and gas industry for last week (july 31-august 1)

Analysis Materials 3 August 2015 16:21 (UTC +04:00)

S.Korea to construct plant for production of synthetic fuel in Turkmenistan

Turkmengaz state concern of Turkmenistan and South Korea's LG International and Hyundai Engineering signed a framework agreement for a contract on working out a project on purchasing equipment and constructing a plant for production of liquid synthetic fuel from natural gas processing, said the message from Turkmenistan's Ministry of Oil and Gas Industry and Mineral Resources.

The corresponding agreement was reached during the recent visit of Turkmenistan's President Gurbanguly Berdimuhammadov to South Korea, said the message.

Prospects for new deposit discoveries acknowledged in Turkmenistan

The prospects for discovery of new deposits in the southeast of Turkmenistan are getting acknowledged, according to an article published by the Turkmen newspaper the 'Neutral Turkmenistan'.

A separate uplift, dubbed the 'Western Dome', was first discovered at the Mydar oil and gas field, and within its boundaries an industrial flow of oil was subsequently obtained, according to the 'Neutral Turkmenistan'.

The article also said that a detailed mapping of the promising horizons has made it possible to detect a large number of new uplifts and tectonic faults.

Among them the largest are Demirgazyk Minara, Gundogar Jujukly, Gunorta Shehitli, Ovlakkyr. The revealed uplands at the previously studied areas testify that the structural trap fund has not been exhausted.

A possibility of discovering the deposits in the southeast of Turkmenistan associated with reefs and other carbonate structures greatly improves the prospects of territory available for huge gas reserves and perhaps oil, the article says.

Kazakhstan limits export of petroleum products

Kazakhstan has temporarily banned the export of petroleum products beyond the customs area of Eurasian Economic Union.

The corresponding order has been signed by Kazakhstan's Energy Minister Vladimir Shkolnik.

The export of light distillates and middle distillate products, kerosene, gas oil, diesel fuel and other petroleum products (except for heating gas oil) has been banned for a six-month period, according to the order.

This decision was made in order to prevent critical shortage and increase in the prices in Kazakhstan's domestic market of petroleum products.

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