Shah Deniz partners make preliminary proposals to acquire stake in TANAP
SOCAR partners on the project of developing the Azerbaijani gas condensate field Shah Deniz have voiced their preliminary intentions to acquire a stake in the Trans-Anatolian gas pipeline (TANAP) project, SOCAR head Rovnag Abdullayev told media.
He said the preliminary data is not official yet, but according to them, the partners intend to distribute a 29 per cent share in TANAP as follows: Statoil and BP - 12 per cent, Total - five per cent.
At present, Turkish BOTAS owns a 20 per cent share in TANAP, while SOCAR owns an 80 per cent stake.
SOCAR intends to retain 51 per cent of its share in TANAP. Turkey will own 20 per cent of the equity.
SOCAR to take full ownership of SOCAR Trading
The State Oil Company of Azerbaijan (SOCAR) will become the 100% owner of SOCAR Trading SA by late 2012, SOCAR Vice President on Economic Affairs, Suleyman Gasimov told Trend.
"SOCAR acquired equity of shareholders step-by-step: a part - in July, and the rest - in October. Final work is already underway. SOCAR will take full ownership of the enterprise in the near future," Gasimov said.
Founder of the company SOCAR Trading SA is the company Supra Holding Limited, in which SOCAR previously owned a 50-percent share, and subsequently increased this figure to 80 percent.
SOCAR, Botas and TPAO establish joint stock company for TANAP pipeline
The State Oil Company of Azerbaijan (SOCAR) and the Turkish state companies Botas and TPAO signed an agreement on shareholders of the Trans-Anatolian gas pipeline project, SOCAR President Rovnag Abdullayev told journalists.
He said in accordance with the signed agreement, the company TANAP Co was established in Turkey.
As Abdullayev said, it is planned to complete preparation of the main project on TANAP by 2013.
"The work is speedily underway," he said.
TANAP project envisages construction of a gas pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's offshore Shah Deniz field to Europe.
Georgian Economy Ministry: Issue of reconsideration of the agreements with SOCAR and "Inter RAO UES" is not considered
Individual media distribute wrong interpretation statement of the Minister of Economy and Sustainable Development of Georgia Giorgi Kvirikashvili in connection with the SOCAR (State Oil Company of Azerbaijan) and the "Inter RAO UES" company.
"I want to say that these companies are among the largest investors in Georgia and the issue of reconsideration of registrated agreements by the government of Georgia is not considered," the statement says.
According to the minister, concerning the setting of a consumer tariff in accordance with the laws of Georgia, refers to the competence of the national energy regulatory commission. Only the agency has the right to revise the pricing policy of a private company and if the resources are available demand a reconsider of the tariff. "I believe that with the creation of the right business environment and greater transparency of the independent regulatory commission will be reached the appropriate effect," - said in a statement.
Iran might cut oil exports by over 30 percent
Roughly 20 members of Iranian Parliament (Majlis) have proposed a bill obliging Tehran to temporarily reduce its oil exports to the countries that observe sanctions against Iran by 33 percent, the Fars News Agency reported.
Supposedly, the bill will be discussed next week.
MP Masoud Mir Kazemi and the head of parliament's energy committee supported the bill, saying "we are able to use oil as a response to the sanctions."
Kazakh MP: Risk of industrial accidents increases in Caspian shelf
MP Serik Ospanov appealed to Prime Minister of Kazakhstan Serik Akhmetov regarding the increased risk of industrial accidents at the plenary session of the Majilis (lower house of parliament).
"Risk of industrial accidents, oil spills in the sea waters increases in connection with increased volume of production and transportation of hydrocarbon raw materials on land and beginning of exploration in the Caspian Sea," Ospanov said.
He said at present there is no organization providing services for prevention and extinguishing of fires, conducting search and rescue operations in the sea and in the facilities of coastal industrial infrastructure in the Kazakh sector of the Caspian Sea.
"Representatives of the Republic of Kazakhstan may not only deal with elimination of the problems, but also elementary go to sea to monitor and control these works due to the lack of special ships in case of any oil spill of any category," the MP said.
Data on investments announced within production sharing agreements in Turkmenistan
Within ten months of 2012, the total amount of investments for implementation of joint projects in the oil and gas industry amounted to $ 1.342.750 billion, the local media reported, with reference to the State Agency for Management and Use of Hydrocarbon Resources under the President.
Based on contracts of production sharing agreement (PSA) type, companies from the UK, Russia, Germany, Italy, Malaysia,UAE, Canada and China are operating in Turkmenistan. Petronas, Dragon Oil, Buried Hill, RWE, Itera, Zarubezhneft are involved in development of the Turkmen sector of the Caspian Sea, onshore work is implemented by ENI (purchased shares of Burren Energy) and CNPC.
According to information, the growth rate of oil production in the contract area reached 110.7 percent, natural gas - 130.1 percent compared to the same period last year.
Supply of natural gas to China from the fields included in the contract area of Bagtyyarlyk, developed by CNPC, increased by 18.8 percent.
Turkmenistan accelerates construction of East-West gas pipeline
Work is being carried out in an accelerated pace in Belek - village in Balkan region - the ultimate point of gas pipeline East-West - one of the major projects of the 21st century, Ministry of Oil and Gas Industry said on Saturday.
"Until now, the builders join pipes with diameter of 1,420 millimeters at nearly 155 kilometers in the western region of the country," the information said.
The completion of the gas pipeline in Balkan province is scheduled for 2014 according to the program of socio-economic development of Turkmenistan for 2012-2016 and by order the state concern Turkmengas. It covers 325 kilometers of area.
The construction of East-West gas pipeline, with length by various estimates about 800 kilometers will connect all gas lines into a single ring. The approximate cost of the pipeline is more than $2 billion.