GECF summit convenes in Tehran
The 3rd Gas Exporting Countries Forum (GECF) summit started in Iranian capital Tehran.
The presidents of Bolivia, Russia, Equatorial Guinea, Nigeria, Venezuela, Iraq and Turkmenistan as well as Algerian prime minister attended the meeting.
Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates, are main members of the gas exporting body. Observer countries are the Netherlands, Iraq, Oman, Peru and Norway. As well, Azerbaijan became a new observer member of the organization. GECF members account for 42 percent of global gas output.
Iran to present new model of oil projects in coming week
Iran is expected to present its new model of oil contracts within the coming week.
Iranian OIL Minister Bijan Zangeneh has said that a number of oil projects in the framework of the new model of contracts will be presented to domestic and foreign companies, oil news agency Shana reported.
However he did not mentioned the exact date for presentation.
The new model of oil contracts namely the Iran Petroleum Contract (IPC) offers exploration, development, and production at oil and gas fields in an integrated package.
The IPC will be a modification of the traditional buy-back risk service contracts and has been specifically designed to increase the attractiveness of Iranian oil projects for foreign investors.
Kazakhstan, China sign agreement on refinery modernization
The Petro Kazakhstan Oil Products company, which manages a refinery in the Kazakh city of Shymkent, and China Petroleum Engineering & Construction (CPECC) in Beijing signed an additional agreement to the "turnkey" contract for the implementation of the second phase of reconstruction and modernization of the plant, KazMunaiGas said.
The document defines fixed price of the contract on the basis of positive conclusion of state expertise regarding design and estimate documentation of the project obtained by the Petro Kazakhstan Oil Products.
The project of reconstruction of one of the three largest oil refineries in Kazakhstan is aimed at increasing the processing capacity of the plant from 5.25 to 6 million tons, as well as increasing manufacture of light oil products from 61 to 89 percent, bringing quality of the products to Euro-3 standard.