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
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