Major events in Caspian countries' oil and gas industry for last week (April 30-May 5)

Major events in Caspian countries' oil and gas industry for last week (April 30-May 5)

IMF welcomes change in investment policy of State Oil Fund of Azerbaijan

The International Monetary Fund (IMF) appreciates the change in investment policy of the State Oil Fund of Azerbaijan (SOFAZ) in 2012, the deputy director of the IMF Middle East and Central Asia Department (MCD), Nadeem Ilahi, said at a press conference in Baku. "We have had discussions with the government about the changes in the investment portfolio of SOFAZ. These changes are not too big and carried out quite professionally. If they are based on the diversification argument, then we support them," Ilahi said. In general, according to Ilahi, SOFAZ worked in a professional manner. Some 85 per cent of the investment portfolio of the State Oil Fund in 2012 will be formed by money market instruments and the debt market. It is provided in the Fund's investment policy for 2012, approved by the President of Azerbaijan.

Nabucco works on formal proposal to Shah Deniz Consortium

Nabucco Gas Pipeline International is working on a formal proposal to be submitted to the consortium of Azerbaijani Shah Deniz field development by mid May. "We are confident to submit the most convincing proposal: technically, legally and commercially," Nabucco Gas Pipeline International GmbH spokesman, Christian Dolezal said. Earlier BP's Vice President for Shah Deniz Development Alasdair Cook said that the Shah Deniz consortium waits for the formal submission from the projects on Central European pipeline route - Nabucco West and South East Europe Pipeline West (SEEP) by May 16. According to Cook, the proposals will enable consortium to make a fully informed decision for Central European route in June.

Implementation of SOCAR oil refinery construction project starts in Kyrgyzstan

Azerbaijan and Kyrgyzstan made a final decision on construction of the State Oil Company of Azerbaijan's (SOCAR) oil refinery in Kyrgyzstan during the Kyrgyz-Azerbaijani intergovernmental commission session, President of the Kyrgyz Association of Oil Traders Zhumakadyr Akeneev said. "We can say that implementation of the project has already started," Akeneev said. He added that the exact place of the oil refinery is still among the issues remained open after the session. Kyrgyzstan proposed three options for the oil refinery's placement - three in the north of the country and two in the south, and Azerbaijan will decide where to build it, Akeneev underscored. "After Azerbaijan makes its decision, Kyrgyzstan will provide support to country in this regard," he said. Akeneyev added that Bishkek proposed preparation of the feasibility study of the project, providing area for the construction and infrastructure for the project.

Drilling on large offshore field launched in Azerbaijan

The work on the sidetrack drilling of the first exploration well on the Absheron field in the Azerbaijani sector of Caspian Sea has been launched. It is planned that the sidetrack will be drilled to 1,500 meters. The work on the well will be fully completed by autumn. The State Oil Company of Azerbaijan (SOCAR) first vice-president on the geology, geophysics and exploration Khoshbakht Yusifzade said earlier that sidetracking will be made at a depth of 4,800 meters. Drilling will be done from a floating Heydar Aliyev drilling rig, operated by the Danish Maersk Drilling. The decision to drill a sidetrack was taken in order to obtain more information about the field. Drilling of the main hole had been completed earlier, resulting in Nadkirmakinsk sand formation opening in a depth of 6875 meters. Potential reserves are estimated at 350 billion cubic meters of gas and 45 million tons of condensate.

Tehran, Bishkek study possibility of Iranian energy resources import to Kyrgyzstan

Tehran and Bishkek study the possibility of importing Iranian oil and gas to Kyrgyzstan, Iranian ambassador to Kyrgyzstan Manouchehr Moradi said. The ambassador added that Kyrgyzstan has no access to a number of resources and this makes the country dependent on neighboring countries and as the result the country has difficulties in getting energy resources and reaching the transportation links. "We held negotiations with Kyrgyzstan in this regard and now we assess several Kyrgyz proposals," Moradi said.

Exxon Mobil plans to enter development of Turkmenistan's fuel and energy complex

U.S. oil company Exxon Mobil has expressed interest in active participation in the implementation of large scale programmes for the further development of the new Turkmen fuel and energy complex, including exploration projects, development of hydrocarbon deposits and oil refining. This was stated by the company's vice-president for Europe and the Caspian region, Phil Mulhall, who specially arrived in Ashgabat to participate in the exhibition of the U.S. companies and the Turkmen-American Business Forum. Mulhall held a meeting with the government of Turkmenistan during which both sides discussed the most important aspects of cooperation in the near future in view of the increasing attractiveness of the Turkmen market for foreign capital.

Kazakhstan to continue supplying gas to Kyrgyzstan only in case of debt repayment

Kazakhstan will continue supplying gas to Kyrgyzstan only if the Kyrgyz party has repaid all its debt , Nurbol Sultan, Director General of Kazakh National gas transporting company KazTransGas said. "The current contract between KazTransGas and Kyrgyzgaz on gas sale from September 21, 2011 expires on April 30, 2012. However, KazTransGas is ready to consider the possibility of additional agreement on gas supply to the north regions of Kyrgyzstan only in the case of full repayment of the debt," Sultan said. Earlier reported with the reference to Deputy General Director of the Kyrgyz gas company Kyrgyzgaz Eugene Orlenko that Kyrgyzstan plans to reach an agreement with Kazakhstan on purchase of 90 million cubic meters of gas in May-August at the price envisaged by the previous contract. As KazTransGas' head said, taking into consideration the great receivable accounts of Kyrgyzgaz, as well as receiving its money, KazTransGas does not exclude the possibility of gas price increase for Kyrgyzstan. The amount of extra pay will directly depend on the amount of repayment.

First oil from Kashagan expected at year end

The first oil from the Kashagan field is expected later this year, chairman of the board of JSC NC 'KazMunaiGas' Lyazzat Kiinov said. "The beginning of the development of Kashagan and extraction of the 'first oil' is expected as planned in late 2012. We have no doubts at this point," Kiinov said. He added it would be "the beginning of the trial". "Then a stop is possible due to testing and inspection of equipment, but it does not take much time. So no doubt receipt of the 'first oil' will be in accordance with the schedule which is late 2012 - early 2013," Kiinov said. According to Kiinov it is too early to speak about the second stage. Minister of Oil and Gas of Kazakhstan Sauat Mynbayev expressed hope for a speedy resolution of problems with the budget of the experimental, industrial phase of the development of the Kashagan field last week. "We are in negotiations to amend the plans and the budget of the experimental, industrial phase," Mynbayev said earlier.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
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If we are attacked, we must not only defend ourselves, but also launch a counter-attack - President Aliyev
Our refugees and internally displaced persons must return to all the occupied territories - President Aliyev
We must have decisive say about international monitors, says Azerbaijani president
If Minsk Group for 30 years cannot produce results, it speaks for itself - President Aliyev
WHO roots for rapid diagnostic tests to boost COVID-19 war in Africa
Kazakhstan to boost export of agricultural products to SCO markets
Int'l organizations informed about rocket attacks on Azerbaijani regions (PHOTO)
Morale of Azerbaijani army personell at high level - Azerbaijani MoD (VIDEO)
With this Armenian government unfortunately, prospects for peaceful settlement very remote - President Aliyev
More military equipment of Armenian armed forces destroyed (VIDEO)
Azerbaijani flag hoisted in Agbend village of Zangilan district (VIDEO)
Central Bank presents forecasts for Uzbekistan’s macroeconomic dev’t
Kazakhstan, Romania trade turnover increases despite COVID-19
With liberation of Aghband settlement, taking full control over Azerbaijani-Iranian state border ensured - President Ilham Aliyev
Azerbaijani Army liberates 3 villages of Fuzuli district, 4 villages of Jabrayil district - President Ilham Aliyev
Azerbaijani Army liberates 13 villages, Aghband settlement of Zangilan district - Azerbaijani president
Russia continues to make active efforts to resolve Karabakh conflict - MFA
OIC Parliamentary Union condemns Armenia's attack on Azerbaijan's Ganja
Azerbaijani RabitaBank's assets for 9M2020 grow
Morocco decreases import of Turkish cars
Uzbekistan, Afghanistan to jointly attract funds for transport corridors dev’t in Central Asia
Uzbekistan, Tajikistan agree on resumption of flights
Armenia's tries to present its position as "peaceful" - total nonsense, Azerbaijan says
Iran to offer loans to support industrial production
Isbank Georgia talks about its cooperation with IFC
Restoration of territorial integrity of Azerbaijan - undoubtedly legitimate process - Georgian expert
Adidas plans to sell ailing Reebok business within months
Cargo transportation between Uzbekistan, Afghanistan grows despite decline in int'l trade
Export of cars from Turkey to France down
Yerevan's foreign policy only possible if Armenia accepts it needs to make peace with Azerbaijan - Svante Cornell
Turkish Trade Ministry says export of domestic cars to China up
Georgia sees increase in price of medicines
Turkmenistan’s geographic location offers potential for country’s economy, says US Embassy in Turkmenistan
Azerbaijan Rabitabank’s net profit for 9M2020 revealed
National Bank of Georgia takes another steps to stabilize lari exchange rate
Procedure for calculating total amount of insurance premiums approved in Azerbaijan
Turkey's export of cars to US edge lower
Karabakh hostilities cause direct disruption to health care amid COVID-19 - WHO
Import of Turkish cars by Azerbaijan declines
Yerevan must withdraw troops, mercenaries and terrorists from Azerbaijan - Turkish Defense Minister
Azerbaijan reveals data on imports for 9M2020
Germany's nine-month import of cars from Turkey down
Apples emerging as export crop for second year in Georgia
Azerbaijan reveals 9M2020 trade turnover volumes with major partners
Nagif Hamzayev: Azerbaijan writes new pages in the world military history
Turkey's 9M2020 export of jewelry to Ukraine doubles
Azerbaijani artillerymen continue to make precise strikes at firing points of Armenian armed forces (VIDEO)
Tender: Khazar Consortium to buy materials for smooth operation of oil field facilities
Int'l organizations miscalculate military arsenal of Armenia - MP
Turkmengas opens tender for purchase of equipment
Uzbekistan’s 9M2020 export volume of fruits, vegetables revealed
MagtiCom leads with highest ARPU rate in Georgia
New apartments inagurated in Iran
Azerbaijan's overall exports for 9M2020 unveiled
Kazakhstan to increase electric vehicles manufacturing by 2022
CO2 emissions prevented in Kazakhstan as renewable energy projects launched
Revenues of mobile operators in Georgia down
Uzbekneftegaz launches condensate stabilization unit at Uzbek oil field
Azerbaijani Embassy in Russia clarifying issue on prohibiting Azerbaijani citizens to use Pobeda Airlines' services
Uzbekistan launches mineral-based engine oil production
Trend News Agency's editor-in-chief tells CNN Turk about ongoing tension in Karabakh (PHOTO/VIDEO)
Russia almost halves jewelry imports from Turkey
Azerbaijan’s AzerGold taking measures on legal assessment of illegal mining in occupied territories
Azerbaijan starts reconstructing roads leading to liberated villages of Tartar (PHOTOS)
Georgian Caucasus Auto Import adds new export markets
USAID promotes warehouse digitization of Turkmen logistics company
Uzbekistan eyes to increase cars export by 4Q2020
Uzbekistan’s private business actively involved in agriculture digitalization
Sanctions must be imposed on Armenia, says Lebanese legal expert
Attacking civilians unacceptable, Israeli ambassador says
Armenia opens additional flights to transfer volunteers to Karabakh (PHOTO)
Number of people infected with COVID-19 pandemic in Iran exceeds 550,000
Azerbaijan's president says Armenia receiving external help, including mercenaries, weaponry
Your statements every evening about how many villages, cities have been liberated from occupation bring joy to people all over Turkey - Turkish Chief Ombudsman
Azerbaijan confirms 171 more COVID-19 recoveries
Turkmenistan's import of Turkish jewelry surges
Value of Azerbaijan's goods export by road edges down
Those unwilling to fight in Armenia buy positive coronavirus test at $1,000-2,000
There is not single surviving building in liberated cities, in these villages, in most of them - Azerbaijani president
Media of many countries unilaterally side with Armenia - President Aliyev
Israel's ambassador to Azerbaijan visits Ganja, witnesses damages following Armenia's attack (PHOTO)
We have never taken and will never take any action against civilians, says Azerbaijani president
By breaking back of Armenian fascism, we save our region from great tragedies - President Aliyev
Iran’s Bahar Azadi gold coin price rebounds
Georgia, Japan sign double taxation avoidance agreement
Volume of investments to be made to Iran's Khuzestan Province growing
Auto sales drop on Georgian market
Gasoline demand to decline from 2030
Volume of cargo freight via Azerbaijani ports continues to grow
Turkmenistan forecasts total revenues, expenditures of country's financial plan for 2021
EBRD supports refurbishment of wastewater facilities in Kazakhstan's Shymkent
COVID-19 may accelerate downward trends in oil consumption of developed economies
Uzbekistan boosts jewelry import from Turkey
Azerbaijani Central Bank unveils amount of foreign currency sold to local banks
Oil demand has yet to peak for two key reasons
Karabakh conflict should be settled on issues of boundary lines, sovereignty issues - US Ambassador to NATO
Armenians fire at Azerbaijan’s Gabala and Kurdamir cities by using Elbrus ballistic missiles (PHOTO)
Azerbaijan-Russia strategic partnership to reach high level
'NATO not part of Karabakh conflict', Stoltenberg tells Armenia
Azerbaijan shows video footage of captured military equipment of Armenian Armed Forces (VIDEO)
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