Major events in Caspian countries' oil and gas industry for last week (march 12-17)

Situation in world forces Azerbaijani State Oil Fund to invest in riskier assets

The purpose of SOFAZ's investment policy is to manage the accumulated funds in terms of minimal risks and low volatility, and to achieve yield in accordance with this policy.

SOFAZ's most of the funds were invested in the securities with high ratings, and liquidity.
"However, the interest rates in financial markets in 2011 decreased to a record low level for the last decade," the report said. "The main reason is for central banks of leading countries to take measures to stimulate economic growth (decrease in interest rates of central banks) after the recent financial crisis. Of course, this was the reason for the decline of profitability of SOFAZ's investment portfolio, primarily consisting of securities with fixed returns. Thus, the fund started applying the new investment policy since 2012, envisaging the existence of a diversified investment portfolio taking into account the dynamic growth of the funds and to improve profitability. According to the new policy, SOFAZ plans to invest in more risky and profitable assets, including the company's stocks, real estate and gold."

Baku, Ashgabat agree on Trans Caspian gas pipeline

Baku and Ashgabat have agreed on the construction of the Trans-Caspian gas pipeline, Deutsche Welle (DW) reported on Friday, citing a source in the government of Turkmenistan

"Such negotiations [on the Trans-Caspian gas pipeline] are already underway and an agreement in principle between Baku and Ashgabat has already been reached," the statement said.

According to information, a senior official explained that unresolved status of the Caspian Sea is still a problem which benefits Russia.

He said the EU Commission should exert pressure on Moscow to ensure that Russia does not oppose the Trans-Caspian gas pipeline project.

SOCAR Georgia Petroleum becomes largest turnover company in Georgia

The subsidiary of the State Oil Company of Azerbaijan (SOCAR), namely SOCAR Georgia Petroleum headed the list of the 10 largest companies in Georgia, a study of the Centre for Economic Studies and consultation 'IliaUni Business Review' under the Ilia University said. The centre named the top 50 companies operating in Georgia in different fields.

The authors of the study said when compiling the study they were guided by data on the turnover of commercial organisations. Rating is based on data of the National Statistics Service of Georgia. The volume of turnover is confidential information.

Kazakhstan proposes to supplement subsoil use contracts

Head of the Kazakh Soyuz Atameken National Economic Chamber Timur Kulibayev has proposed including two new items into subsoil use contracts today.

In particular, he proposed opening equipment production for field development and human resources nationalization in Kazakhstan.

"It is necessary to include two important obligations in the contracts for subsoil use, the first - required the development of local content, that is, to the contractors on production of subsoil created here [in Kazakhstan]. Second - the nationalization of the staff, "- said Kulibayev.

Industrial oil flows at Turkmen deposit

A commercial oil flow with a daily output of more than 90 tons was obtained from exploratory well No 20, drilled in the western part of the Mydar deposit in Central Karakum, the Ministry of Petroleum and Mineral Resources said on Tuesday.

This oil reservoir in the western part of Mydar deposit was the first to be discovered and work has been conducted there since 2009.

The productive horizon was opened by drift miners of the Turkmengeology public corporation at a depth of 1917-1911 metres. At this stage exploration is underway. It will allow clarification of the geological structure of the prospective reservoir, estimating its reserves and determining areas for further exploration.

The specialists stress that this oil differs considerably in quality from the raw materials extracted in other fields due to a very small amount of impurities.

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