Fitch assigns SOCAR's USD notes final senior unsecured 'BBB-' Rating
Fitch Ratings assigned State Oil Company of the Azerbaijan Republic's (SOCAR) USD500m 5.45% notes due 9 February 2017 a final foreign currency senior unsecured rating of 'BBB-', in line with SOCAR's Long-term Issuer Default Rating (IDR) of ('BBB-'/Stable). The proceeds from the notes issuance are expected to be partially used to fund the company's capex and other general corporate purposes.
Operator of Turkish petrochemical complex's new port determined
Turkish petrochemical complex Petkim, co-owned by joint venture SOCAR-Turcas, starts its cooperation with one of the leading port operators in the world - APM Terminals. An initial agreement, under which the Dutch company will serve container port of Petkim for long term, will be signed between Petlim (a subsidiary of the holding) and APM Terminals in Istanbul.
SOCAR to buy filling stations network in Ukraine
The Ukrainian antimonopoly committee authorized SOCAR Energy Ukraine to purchase more than 50 percent stake in "Galitz Oil Company", which has 10 fuel filling complexes in Lviv region. OCAR Energy Ukraine is a "subsidiary" of the State Oil Company of Azerbaijan. This company has a number of filling stations in Ukraine, tank farms. It is engaged in bunkering business. The number of SOCAR filling stations in Ukraine is expected to reach 40 units. At present, their number is 15 units.
Kazakhstan accredits roughly wholesale oil suppliers
Large and major regional wholesale suppliers of petroleum products received accreditation certificates. Kazakh Ministry of Oil and Gas received roughly 800 applications for accreditation, issued 587 and gave out 378 certificates as Feb.6.
Russian company to render services to Turkmen fuel-energy complex
Tatneft company specialists (Tatarstan, Russia) have started to overhaul the wells in the south-eastern sector of the petroleum and gas extracting administration Goturdepenebit in the Balkan region of Turkmenistan. The work is being carried out by a subsidiary of the company as part of the contract between Tatneft and the state concern Turkmenneft to render services. The subject of the service contract signed between the parties is to render services aimed at improving oil recovery of existing wells and further use of the potential on oil production from the Goturdepe field. The contract duration is seven years.
Turkmenneft to sign contract with Lenstor Enterprises Ltd
Turkmenneft State Concern will sign a contract with Lenstor Enterprises Ltd (Malta) on purchase of systems measuring the volume of oil and determining its quality as well control equipment for these systems. President of Turkmenistan Gurbanguly Berdimuhamedov signed a relevant decree. It is expected that contract on services on management of work related to purchased equipment, its configuration, and training of specialists held by Turkmenneft will be signed. The contract will be signed in accordance with Program of development of the country's oil and gas industry till 2030 aimed at successful implementation of tasks set before the country's oil producing sector.
Iran discovers large oilfield
Iran has discovered a large oilfield with considerable in-situ reserves, deputy oil minister Mahmoud Mohaddes said on Sunday without giving further details on specifications of the oilfield, Fars news agency reported.