SOCAR significantly increases its share in Petkim
Socar Turkey Enerji and SOCAR International DMCC OGG acquired a 10.32-percent stake at the Turkish Petkim Petrochemical Holding. "Some $168.5 million were offered for acquisition of this stake," Anadolu news agency reported. SOCAR and Turkish plastic producing company Naksan Plastik claimed for acquiring a 10.32-percent stake at the Petkim Petrochemical Holding. Now SOCAR Turkey Enerji (Turkish unit of the State Oil Company of Azerbaijan) has a 61.32-percent stake at the Turkish petrochemical complex, while 38.67 percent is in free circulation at the Istanbul Stock Exchange.
High oil prices provide $1 bln of additional revenues to SOFAZ since 2012
Proceeds of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of oil and gas amounted to $4.06 billion since the beginning of 2012, exceeding the projected figure for this period by 30 percent, the fund told Trend. "The income of the oil fund from the sale of oil and gas amounted to$4.06 billion as of March 27, exceeding the projected level for the same period ($3.13 billion) by $930 million, or 30 percent," the fund said. Such increase in revenues is due to increase of oil prices on world markets. The price of oil is defined on the level of $80 per barrel in the budget.
GIOGIE-2012 conference discusses importance of Southern Corridor for energy supply to Europe
The issue of using Southern Corridor for energy supplies to European markets was discussed at the eleventh GIOGIE-2012 international conference on oil, gas, energy and infrastructure held in Tbilisi on March 28-29. Georgia is located at the strategic crossroads of transit of hydrocarbons in the Caspian region, which determines its transit importance, Georgian Oil and Gas Corporation (GOGC) said. During the conference, 150 delegates from 15 countries also considered scenarios in the global energy sector up to 2021, energy projects in Georgia and energy security strategy in Georgia.
Iran becomes biofuel producer
Iran has become one of seven countries in the world to produce biofuel, the IRIB website reports. Currently, only the U.S., Brazil, Sweden, Norway, China and India are biofuel producers. Iran produced a sample of biofuel six months ago and is preparing to start its production. Located in the Khuzestan Province's Haft-Tapeh, a new 10,000 liter capacity biofuel facility will begin operating in the near future. Iran's biofuel, or bioethanol, is to come from the 12 million tons of sugar cane it plants in the south. Bioethanol can be added to petrol to improve vehicle emissions and increase octane.
Kazakhstan to help finance local oil and gas equipment producers
The Kazakh government intends to support domestic producers of oil and gas equipment, by reimbursing 50 per cent of their costs towards obtaining the international certification, board chairman of the national agency for the development of local content NADLoC Dauren Abdyhamitov said at a forum in Astana. He told the media that the Kazakh government had developed and submitted a draft resolution which envisages a preference for domestic producers.
Kazakhstan introduces local content development preferences system
The government of Kazakhstan has introduced a local content development preferences system, NADLoC National Agency for the Development of Local Content Chairman Dauren Abdyhamitov said in Astana. The government introduced the system. Thus, when subsoil companies participate in the procurement, the conditional reduction in prices for domestic producers is 20 percent, while the participation of national companies in public procurement is 30 percent, Abdyhamitov said speaking at the Second Kazakh-British Forum for Partnership Development among Oil and Gas Field Suppliers Service Sector in Astana. As of the current year, all oil and gas projects applying for government support must be examined for local content.
"The government will strictly follow that when developing project documents, interests of domestic producers are taken into account and will involve local producers in the supply of materials and equipment in upcoming projects," he said. As previously reported, the share of Kazakh goods in the oil and gas sector amounts to only nine percent of the total materials and equipment procurement.
Uzbekistan begins gas exports to China
Uzbekistan will start exporting natural gas to China from April 1, Uzbekneftegaz Chairman Shokir Faizullaev said during the signing of an agreement betwween LUKOIL Overseas Uzbekistan Ltd. and a consortium of banks for the Kandym-Khauzak-Shady project. "A part of the volume of Uzbek gas will be supplied to China as of April 1," Faizullaev said. He did not disclose volume of gas to be exported to China this year.