Azerbaijan's Energy Minister: Quick profits key for European gas pipeline decision
Azerbaijani gas producers will soon choose between two competing European pipeline routes, making their choice based upon which of the planned projects promises quicker returns, Azerbaijan's Energy Minister Natig Aliyev said Monday in Vienna, dpa reported.
As British energy group BP, Norway's Statoil, Azerbaijan's Socar and the other Shah Deniz partners had already seen production delayed from 2012 to as late as 2018, one key factor would now be which route is cheaper to build, Aliyev said.
"Now, the main factor for partners is the commercial factor in the short term," he said. "They have to (get) return on their investment as quickly as possible."
However, Aliyev stressed that the Shah Deniz group would also consider long-term questions such as which route promises a bigger customer base.
South Eastern European countries demonstrate support for TAP and IAP projects
Six South Eastern European countries - Albania, Bosnia and Herzegovina, Croatia, Greece, Italy and Montenegro demonstrated their support for the Trans Adriatic Pipeline (TAP) and the Ionian Adriatic Pipeline (IAP) projects during the meeting of these countries' Ministers of Foreign Affairs, TAP reported.
This high level meeting, held in Dubrovnik (Croatia), was attended by representatives from Azerbaijan, the European Commission and TAP.
According to External Affairs Director of TAP Michael Hoffmann, the Dubrovnik meeting is a testament to TAP project's advanced status and unmatched benefits.
Iran inks 345 million Euro-oil deal with undisclosed domestic company
The Iranian Oil Ministry has inked a deal worth 345 million Euro, with an Iranian company to develop the Mansouri oilfield in southwest of the country, the Pana News Agency reported.
The Oil Ministry's website has not referred to the name of the company, but said that the deal has been inked as EPCF (Engineering, Procurement, Construction and Finance).
All foreign containers stop shipping Iranian oil derivatives
All foreign container shippers have cut providing services to Iran and freight Iran's petroleum production goods, the deputy head of Iran's Industry and Mining Chamber of Commerce Pedram Soltani said, IRNA reported.
Soltani, who heads the Association of Oil Derivatives Producers, said that Iran's export of oil derivatives has decreased significantly, but didn't mention a concrete number.
However, according to Iran Custom Administration statistics, country's petrochemical product export has decreased from $15 billion to $10 billion during last solar year, compared to previous year (Iran's solar year starts on March 20).
Kazakh Parliament amends agreement with China on gas pipeline construction
Kazakh Parliament has ratified the protocol on amendments and supplements to the agreement between Kazakhstan and China on cooperation in the construction and operation of the Kazakhstan - China gas pipeline from August 18, 2007, Interfax-Kazakhstan reported.
Max Petroleum starts drilling another well in Kazakh Uytas Field
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, has commenced drilling the UTS-8 appraisal well in the Uytas Field on Block A.
The well will be drilled to a total vertical depth of 900 metres targeting Cretaceous, Jurassic and Triassic reservoirs. The location of the UTS-8 well is beyond the current limits of the field that are estimated to contain contingent resources.
If successful, the UTS-8 well could significantly extend the Western limits of the Uytas Field.
State concern: European vector remains one of priority directions of Turkmen gas export
One of the priority directions of natural gas export from Turkmenistan in the future is the European vector, the Turkmen Dovlet Khabarlary state news agency reported with reference to the Turkmengaz State Concern.
Turkmenistan, Azerbaijan and European Union have been negotiating for the last two years to implement the project of supplying gas to Europe, the article said.
In particular, the work is underway to form a legal framework aimed at determining the main principles and conditions for long-term cooperation in the gas sector.
"Our country is ready for mutually beneficial and equal partnership with all concerned parties in this issue," a representative of the state concern said. "This fully eliminates the need to appeal for someone's assistance."