Major events in Caspian countries' oil and gas industry for week (Feb. 25-March 1)

Major events in Caspian countries' oil and gas industry for week (Feb. 25-March 1)

Over $ 2 billion to be allocated for Shah Deniz Stage 2

The Shah Deniz consortium is planning to spend circa $2.3bn in 2013 within Shah Deniz Stage 2 in the Azerbaijani sector of the Caspian Sea, a BP report on 2012 results says.

Volumes of Azerbaijani gas supplies to Russia in 2013 announced

In 2013, SOCAR (State Oil Company of Azerbaijan) plans to supply Russia with three billion cubic meters of gas, head of SOCAR Rovnag Abdullayev told reporters.
According to him, this amount was specified by the previously signed contract, and therefore there is no need for additions and changes to the agreement.
The supply of Azerbaijani gas to Russia is being conducted under a contract (with possibility of extension) between SOCAR and Gazprom on the sale of Azerbaijani gas signed in Baku on Oct.14, 2009.

SOFAZ to get a stake in TANAP

The State Oil Fund of Azerbaijan will get a share in the Tans-Anatolian gas pipeline project (TANAP), head of SOCAR Rovnag Abdullayev told journalists.
According to him, the State Oil Fund will receive dividends on the basis of equity participation in the project. SOCAR intends to retain 51 percent of the equity in the project.
"The ratio of participation of the State Oil Fund in the project is not yet determined. It is being discussed," Abdullayev said.
Also, he said, negotiations are currently underway with the long-term buyers of Azerbaijani gas in Europe. In late March, negotiations will move to the main stage.

Moody's assigns rating to SOCAR's notes

The international rating agency Moody Investors Service has today assigned a provisional (P)Ba1 rating to the approximately $1.0 billion worth of notes to be issued by the State Oil Company of the Azerbaijan Republic (SOCAR). The outlook on the rating is stable. This is stated by the agency on its website.

SOCAR will use the proceeds of the loans for general corporate purposes, including refinancing its existing indebtedness and funding its upstream and downstream operations.

KazRosGas identified as operator for exploration of Imashevsk field in Russia and Kazakhstan

Joint decision of Kazakh KazMunaiGas and Russian Gazprom, which are accredited by the Agreement between the Government of the Republic of Kazakhstan and the Russian Federation on joint geological study and exploration of the Imashevsk cross-border gas condensate field dating September 7, 2010, identified the KazRosGaz LLP as the sole operator, according to the company's press release.

In 2012, the Coordinating Committee of Kazakhstan and Russia on implementation of the agreement approved proposals of the KazRosGaz LLP on amendments and additions to the agreement, providing the operator with the right under the agreement for subsoil use for geological study and exploration of the Imashevsk field within the territory of the Republic of Kazakhstan and the Russian Federation.

According to the recommendation of the Coordinating Committee on the agreement, the authorities of Kazakhstan and the federal executive authorities of the Russian Federation began consideration of the draft decision of the Government of Kazakhstan and the Russian Federation on amendments and additions to the agreement, allowing the KazRosGaz LLP to get the right for subsoil use for geological study and exploration of the Imashevsk field in Kazakhstan and Russia.

Kazakh Majilis approves ratification of agreement with Russia on oil and oil products supply

The Majilis (lower chamber) of Kazakhstan's parliament approved a draft law 'On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Russian Federation on trade and economic cooperation in oil and oil products supplies to Kazakhstan'.

The agreement was signed between the two countries' governments in Moscow on Dec.9, 2010. It defines the framework of trade and economic cooperation in the formation of common markets for oil and oil products and conditions for oil product supply to Kazakhstan to meet domestic needs in the volume in accordance with the indicative balance of oil and oil products approved by the parties.

'Adoption of the agreement which will promote efficient use of the capacity of fuel and energy complexes of the parties to the agreement, will meet the needs of the parties in the oil and oil products industry on a priority basis', the conclusion of the Committee on Foreign Affairs, Defence and Security of the Parliament says.

LUKOIL to invest nearly $ 680 million in gas projects in Uzbekistan in 2013

Russian oil company LUKOIL plans to invest 678.55 million in two PSA projects in Uzbekistan, Kandym-Khauzak-Shadi-Kungrad and Southwest Gissar (Kashkadarya region in the south of Uzbekistan) under the state investment program of the country.

The total cost of the two projects amounts to $ 4.34 billion, including the Kandym-Khauzak-Shadi-Kungrad at $ 3.146 billion and Southwest Gissar at $ 1.196 billion.

European Council President to visit Georgia today
European Council President to visit Georgia today
Georgia reports 248 coronavirus cases, 525 recoveries, 11 deaths
Georgia reports 248 coronavirus cases, 525 recoveries, 11 deaths
S&P Global affirms Georgia’s sovereign credit rating at ‘BB’
S&P Global affirms Georgia’s sovereign credit rating at ‘BB’
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