Major events in Caspian countries' oil and gas industry for last week (April 9-14)
Pipeline capacity on Azerbaijani gas transportation to Europe announced
The pipeline for Azerbaijani gas transportation to Europe must have the opportunity to expand the capacity to 24 billion cubic meters per year with a view to transport the additional gas from Azerbaijani other fields, BP Azerbaijan president Rashid Javanshir said at the forum dedicated to the creation of a new complex for oil and gas processing and production of petrochemical products in Azerbaijan.
SOCAR plans to sign new PSA contract
By late 2012 the State Oil Company of Azerbaijan (SOCAR) plans to sign a contract with the participants of a project on the development of the Azeri-Chirag-Gunashli (ACG) oil and gas fields' block to develop a deep-bed gas in this block, SOCAR President Rovnag Abdullayev said. "The work is nearing completion, the last details are being clarified, and likely the issue will be solved by late 2012," he said. He said the ACG project members will become members of the new perfected PSA contract.
Ukraine interested in acquiring stake in TANAP
Ukraine has expressed a desire to acquire equity in the construction of the Trans-Anadolu pipeline (TANAP). Ukraine plans to participate in TANAP, Ukraine's ambassador to Azerbaijan Alexander Mishchenko said. He said Ukraine is closely following the process of negotiations between Azerbaijan and Turkey. "We are ready to consider all the combinations - acceptable and possible for our partners. A positive decision on Ukraine's presence in the project has been reached at the political level. Experts will give a more realistic picture of what Ukraine can bring to this project," the ambassador said.
SOCAR announces volume of own assets
Assets of the State Oil Company of Azerbaijan (SOCAR) amount to 17 billion manat, SOCAR Vice-President on economic issues Suleyman Gasimov said during a forum on creating a new complex for oil and gas processing and petrochemical production in Azerbaijan. He said last year the company's net profit amounted to 879 million manat. Transition to international financial reporting standards since 2008 allowed the company to receive ratings from international rating organizations (Fitch Ratings - ВВВ-/stable, Moody`s - Ba1/stable., S&P - BB + / stable.)
Turkmenistan accelerates East-West gas pipeline construction
The builders of the 'East-West' gas pipeline which runs from the largest gas fields in the east towards the Caspian Sea have laid the first 40 kilometres of the further regional gas transportation system. The pace of construction work on the linear part of the gas pipeline must significantly increase in the near future by using new machinery and welding equipment. At this stage, 700-800 metres of pipeline are being assembled daily. In parallel, insulation work is being carried out and a pipe is being laid. A trunk line is planned to be built within five years from the Shatlyk gas compressor station in the Mari region to the Belek gas compressor station in the Balkan region. This gas line will be the largest in the country with a diameter of 1420 mm, running for a length of 766 kilometres.