Major events in Caspian countries' oil and gas industry for last week (Sept. 23-27)

Azerbaijani State Oil Fund's budget-2014 to be formed by new oil prices

While calculating its budget for 2014, the State Oil Fund of Azerbaijan (SOFAZ) will use oil prices of $100 per barrel as a basis, while a few weeks ago, the fund was using the marker of $90, SOFAZ executive director Shahmar Movsumov said.

"The outlook for oil prices has changed," he said. "Accordingly, SOFAZ's budget for next year will be drawn up on the basis of $100 per barrel."

Germany's E.ON to buy 40 bcm of Azerbaijani gas under 25 year-contract

Germany's E.ON will purchase 40 billion cubic metres (bcm) of Azerbaijani gas under the 25 year-contract, signed with the consortium of Shah Deniz field development last week, the company's statement said. Annually the company will purchase 1.6 bcm of Azerbaijani gas.

According to French GDF SUEZ's report, the company contracted volumes of 2.6 bcm per year.

Italian Hera Tranding annually will get 300 million cubic metres of Azerbaijani gas under the signed contract.

Other six companies - Shell, Bulgargas, Enel, Axpo and DEPA have no yet disclosed gas volumes to be purchased by them under the contracts (each for 25 years) signed on September 19 in Baku. Supplies are to start earliest in 2019.

Russian Gazprom plans to review terms for purchase of Turkmen gas

Russian company Gazprom plans to review the terms for the purchase of gas in Turkmenistan, Russian media outlets quoted the Deputy Chairman of the company's Management Board Valery Golubev as saying.

"Russian company insists on the revision of the terms of purchase of [Turkmen] gas," the report of the Interfax agency quoted Golubev, who previously said that "the purchase price formula of Turkmen gas was determined at the peak of the rise of European prices, and then the formula for selling Gazprom's gas in Europe also underwent changes".

The report said that at the same time Turkmen partners refuse to revise the formula, because according to the terms of the contract, Gazprom can not reduce purchases below 11 billion cubic meters of gas per year.

Geological structure of large gas field in Azerbaijan specified

The Geophysics and Geology Department of the State Oil Company of Azerbaijan (SOCAR) has completed the interpretation of a three-dimensional seismic exploration at the Umid field in the Azerbaijani sector of the Caspian Sea, a statement said.

The geological structure of the filed was specified, the amplitude and direction of tectonic faults and the boundaries of the hydrocarbon saturation of collector layers on different horizons were determined as a result of the processing and interpretation of the obtained data.

Banking consortium to be created in Uzbekistan to finance synthetic liquid fuel plant

Uzbekistan has started to build a banking consortium for financing the construction of a synthetic liquid fuel (GTL)plant worth of $4.2 billion, Chairman of the board of the National Holding Company (NHC) Uzbekneftegaz Shokir Faizullaev said at the Forum of Creditors which opened in Tashkent.

Faizullaev stressed that the formation of the consortium will be completed within a year.

According to him, a general contractor for the construction of the plant's technical part will be determined in the first six months of 2014, and the construction itself is planned to start in late 2014.

As was reported, Uzbekneftegaz, South African Sasol Ltd. (Sasol) and Malaysia's Petronas International Corporation Ltd. (Petronas) founded "Uzbekistan GTL" JV in November 2009 for the construction of a plant to produce synthetic liquid fuels (GTL) on the basis of Shurtan MCC on an equal footing.

Turkey sets global example with online therapy sessions to combat COVID-19 woes
Turkey sets global example with online therapy sessions to combat COVID-19 woes
Turkey’s Travel Agencies Union, Istanbul Chamber of Commerce join forces for tourism
Turkey’s Travel Agencies Union, Istanbul Chamber of Commerce join forces for tourism
Azerbaijan raises import of grain, legumes from Turkey
Azerbaijan raises import of grain, legumes from Turkey
Loading Bars
Latest
Trump to 'cut off' TikTok if deal cannot be saved
Tunisian PM decides to step up security campaigns to combat COVID-19
EU adopts new rules for state aid to reduce carbon emissions
Kazakhstan doubles crude oil exports to Croatia, Lithuania in 1H2020
Turkey sets global example with online therapy sessions to combat COVID-19 woes
Azerbaijani president: We launched broad political dialogue initiative several months ago
Tajikistan, Uzbekistan eye to increase freight traffic between two countries
President Ilham Aliyev: Azerbaijan’s economy developed rapidly, and its GDP tripled in last 17 years
FM Zarif due in Moscow soon
Azerbainani president: Policy of "Azerbaijanophobia" prevailing in Armenia, hatred against Azerbaijani people instilled in young generation
Azerbaijani president: Armenia deliberately targets civilian population, perpetrates provocations along Line of Contact and Armenia-Azerbaijan border
Azerbaijani president: Development of democracy and human rights protection among top priorities of our government
President Ilham Aliyev: Azerbaijan plays important role in promotion of dialogue of cultures
President Ilham Aliyev: Thanks to undertaken measures, situation with COVID-19 remained under control in Azerbaijan
Azerbaijani president: Aggressive rhetoric and provocations of Armenia show that Armenia is preparing for new aggression against Azerbaijan
President Ilham Aliyev: Glorification of Nazism is state policy in Armenia
President Ilham Aliyev: Prime Minister of Armenia deliberately undermines format and substance of negotiation process
Azerbaijani president: Ongoing COVID-19 pandemic has demonstrated once again significance of multilateralism
Azerbaijani president: Role of UN in global economic governance should be strengthened
Brazil's COVID-19 death toll reaches 136,895
Georgia decreases import of cement from Azerbaijan
Azerbaijani president: Armenian PM deliberately undermines format and substance of negotiation process
Greece reports 453 new coronavirus infections, new daily record
Uzbekistan boosts gold share in total export
Ukraine's Ukrtransnafta sends out offers for selling Azerbaijani oil
Turkey’s Travel Agencies Union, Istanbul Chamber of Commerce join forces for tourism
Azerbaijani president: Today more than ever the world today needs respect for international law
President: Armenia’s aggressive rhetoric, provocations show that it is preparing for new aggression against Azerbaijan
President Aliyev: Thanks to undertaken measures, situation with COVID-19 remains under control
Azerbaijani president: Development of democracy, human rights protection - among top gov't priorities
Iran's oil, gas fields under research studies by local universities
Restoration of Albanian Church, rights of Udi people – Azerbaijan’s contribution to dev't of world civilization
Azerbaijani president, NAM chairman makes speech at high-level meeting to mark 75th anniversary of United Nations in video format (PHOTO)
Kazakhstan’s Trade House to open in Azerbaijan
More people in Iran applying for national housing plan
Fuel smuggling from Iran to Afghanistan down
IMF: Banking system of Georgia enters COVID-19 shock well-capitalized
Georgia reduces gas import from Azerbaijan
Azerbaijani, Moldovan FMs exchange views on issues on bilateral co-op agenda over phone
Regular flights between Georgia and Greece to be resumed
Iran's Chabahar Port receives cargo ships from India, UAE
Bibi Heybat to become new tourist destination in Baku (PHOTO)
Georgia decreases imports of oil, petroleum oils from Azerbaijan
Azerbaijan confirms 81 more COVID-19 recoveries
Iranian Energy Exchange announces products to be on sale September 22
Iran’s Bahar Azadi gold coin price starts to fall
Measures to improve investment climate mulled over in Azerbaijan
Iran declares amount of euros returned to country's economy by exporters
Revenue from maritime cargo transportation surges in Kazakhstan
Azerbaijan increases import of beer from Georgia
Motor fuel production down in Uzbekistan
Kazakhstan's Air Astana opens tender for power networks laying
Speaker of Azerbaijan’s Parliament arrives in Russia (PHOTO)
Joint industrial park between Azerbaijan and Iran to contribute to development of region
Gold ores output decreases in Kazakhstan
Turkmenistan increases export of men's textile clothing to EAEU countries
Criminal case raised due to another Armenian provocation in direction of Azerbaijan's Tovuz
Iran to soon action off electricity to cryptocurrency miners
AZAL to increase the frequency of Baku-Nakhchivan-Baku flights
Kazakhstan decreases export to Belarus amid COVID-19
Georgia starts testing the Energy Exchange
Total foreign trade turnover decreased in Uzbekistan
Baku Stock Exchange to hold auction on placement of AzerGold's bonds
Georgia reduces exports to Azerbaijan
CIS countries' import of Azerbaijani products grows
Turkmenistan’s Oil Refineries extends tender for creating e-document system
Iran expands volume of drilling operations at Hired gold mine
Oil prices slip on potential Libyan output return, storm supports
Dutch daily new coronavirus cases top 2,000 for first time
Review of Producer Price Indices for Services in Georgia
Bryza: Collective Security Treaty Organization not in favor of provocative actions by Armenia, or anybody else
Prices for commercial facilities in Baku grow
Volume of capital investments in Turkmenistan’s Dashoguz region revealed
Azerbaijan raises import of grain, legumes from Turkey
ITFC to foster inclusive economic growth in Uzbekistan’s business community
Georgian Kakheti region reveals volume of processed grapes
Azerbaijan increases import of chemicals from Turkey
EU antitrust regulators to decide by October 26 on LVMH, Tiffany deal
Swiss report 1,095 new coronavirus cases
Georgian external debt triples in last 8 years
Goldman Sachs names new co-chairs of global M&A
Contracts signed to increase oil and gas extraction in Iran
Azerbaijani Community of Nagorno-Karabakh region calls for pressure on Armenia
Peter Tase: Armenian leadership’s inflammatory remarks exacerbating already inflammable situation around Karabakh conflict
Georgians traveling to Lithuania to be obliged to go into 14-days self-isolation
Export Price Index down in Georgia
Iran boosts value of non-oil exports via Kermanshah Province
Demand for Turkish clothes in Kazakhstan rising
Axpo creating marketplaces with digital platforms
Exports of Iran’s Golestan Province decreases
Azerbaijan's export of persimmon declines
Iran reveals its COVID-19 data for September 21
Russian Trade Ministry names medicines delivered to Turkmenistan
Uzbekistan to increase green power production
Azerbaijan's Baktelecom continues installing fiber-optic lines in Baku
Import of Turkish clothes by Azerbaijan surges
TOP-5 trade partners of Azerbaijan
UK ponders second COVID-19 lockdown as outbreak accelerates
Norway to spend $1.8 billion on world's first full-scale CCS chain
Precious metal prices in Azerbaijan vary
All news