Baku hosts conference
Baku hosted the conference on SOFAZ's place and role in the national oil strategy. The representatives of the World Bank and several foreign oil companies attended the conference.
SOFAZ was established in 1999.
As of October 1, SOFAZ's assets increased by 41.6 per cent compared to early 2011 ($22 billion 766.8 million) amounted to 32 billion 242.5 million.
Turkmenistan hosts conference with OSCE member-states
Turkmenistan held the conference on Integrating Global Energy Markets - Providing Energy Security. The representatives of the OSCE member-states attended the conference.
The importance of the Trans-Caspian pipeline system as one of the elements of the integration of energy markets was stressed at the conference.
E.ON Ruhrgas, SOCAR sign contract
The Azerigaz Production Unit of the State Oil Company of Azerbaijan (SOCAR) and the German E. ON Ruhrgas AG signed a contract to prepare a feasibility study to reconstruct the gas supply system in Baku and Absheron Peninsula.
The feasibility study will be prepared in accordance with norms and standards adopted and used in Germany and other Western countries. According to the contract, the feasibility study should be prepared within six months.
Baku and Absheron Peninsula's gas system is the largest in the country and covers about 650,000 subscribers. Some 90 per cent of the existing infrastructure should be modernized for its reconstruction and modernization.
A total of 800-900 million euros may be spent for the project.
SOCAR opens 11 filling stations in Romania
SOCAR has opened 11 filling stations in Romania.
According to the company, the opening of these filling stations is the company's first investments in the European Union.
The filling stations, fully complying with European standards, were opened in the northern part of Romania in the areas bordering with Ukraine and Moldova.
Besides traditional petrol A-95 and A-92, Nano 95 and Nano DT petrol (diesel fuel) will be sold at these filling stations.
Kazakhstan approves petrochemical plant's feasibility study
The Kazakh State enterprise on the departmental examination of projects made a positive conclusion for a feasibility study of the project Modernisation of the Pavlodar petrochemical plant.
According to the project, the plant's production capacity will be increased to 7.5 million tons of crude oil per year with a processing depth of up to 90 per cent and will raise petroleum product output and improve quality in line with Euro 5 standard.
The feasibility study was developed under the agreement on cooperation and understanding on investment in industrial infrastructure facilities in the Republic of Kazakhstan, signed by KazMunaiGaz and ENI companies on November 5, 2009.
SOCAR opens enterprise
The State Oil Company of Azerbaijan (SOCAR) has opened a new plant for cleaning-up oil-polluted lands in Baku. The plant has been built by a joint venture SOCAR-Baghlan and the new enterprise's processing capacity is 540 cubic meters per day.
The SOCAR-Baghlan joint venture was established in 2009 by SOCAR (51 per cent) and Baghlan Oil Recovery (United Arab Emirates - 49 per cent).