Major events in Caspian countries' oil and gas industry for last week (May 5-9)

Norway's Statoil completes sale of Shah Deniz, SCP stake

Norway's Statoil completed the sale of 10 percent of its interest in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company Limited, Statoil reported.

The consideration for the sale and transfer of these assets is $1.45 billion.

Statoil signed an agreement to divest a 10-percent share of its 25.5-percent holdings in the Azerbaijani Shah Deniz field development project and the South Caucasus Pipeline (SCP). The buyers are the State Oil Company of Azerbaijan - SOCAR (6.7 percent) and BP (3.3 percent).

RWE Dea, SOCAR sign Joint Study Agreement

The German RWE Dea has signed a Joint Study Agreement with Azerbaijani State Oil Company (SOCAR) on evaluation of the hydrocarbon prospect in an area south of Baku in the Caspian Sea, RWE reported.

The main goal of the agreement is to identify further exploration opportunities in the study area, which is located between Karadag and Hamamdag. It covers approximately 850 square kilometres and lies in shallow waters, with water depths from 0 to 30 metres.

SOCAR signs loan agreements as part of refinery construction in Turkey

Azerbaijani State Oil Company (SOCAR) signed agreements with financial institutions as part of a project on construction of a new Star oil refinery in Turkey.

The agreements' total worth is $3.5 billion.

Meanwhile, $3 billion out of the total borrowings accounted for export-import banks (Spain, Italy, Japan, the U.S. and South Korea) and 15 commercial foreign banks. Some $500 million will be provided by the Turkish "Garanti Bankası".

The loans will be allocated for an 18-year period. The oil refinery is planned to be commissioned in 2018.

Turkmenistan commissions gas processing plant to export gas to China

China National Petroleum Corporation commissioned a Gas Processing Plant in the Lebap region, Turkmenistan on the cleaning of raw materials, which will transport fuel in specified volumes in China, according to a source close to the energy sector of Turkmenistan.

The capacity of the new company is about nine billion cubic meters of gas per year. The project cost is estimated at more than $ 600 million.

CNPC starts industrial development of Galkynysh gas field in Turkmenistan

China National Petroleum Corporation (CNPC) started the second stage of industrial development of the Galkynysh gas field, a source close to the country's energy sector said.

The second stage envisages the construction of a complex for production and processing of gas, according to the source. The gas reserves of the Galkynysh field, together with the nearby fields, are estimated at 26.2 trillion cubic meters, Turkmen media outlets reported earlier, citing the UK Gaffney, Cline & Associates company.

It is expected that the second project will be completed in 2021 and the processing capacity will be equal to 30 billion cubic meters of gas per year.

Malaysia's Petronas withdraws from two projects in Uzbekistan

Malaysia's Petroliam Nasional Bhd (Petronas) withdrew from two production sharing agreements (PSAs) on the Baisun investment block and Ustyurt in Uzbekistan, a source in the Uzbek government circles said.

Petronas liquidated two companies, namely, Petronas Carigali (Baisun) Operating Company and Petronas Carigali (Urga) Operating Company, which worked on these projects, and closed the office in Uzbekistan, according to the statement.

The reasons for withdrawal were not given.

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