Major events in Caspian countries' oil and gas industry for last week (May 19-23)

Analysis Materials 27 May 2014 13:41 (UTC +04:00)

Another contract on South Caucasus Pipeline Expansion signed

The consortium of Azerbaijani Shah Deniz field development signed the line pipe coating contract for the South Caucasus Pipeline Expansion (SCPX) project with Bredero Shaw International BV, BP reported. The contract for line pipe coating is worth approximately $70 million. The scope of work includes coating of all pipes to be used for SCPX construction. The duration of this contract is 18 months.

Russia's Lukoil carries out test pumping of oil through BTC pipeline

Russia's Lukoil has carried out a test pumping of its oil in the volume of 30,000 tonnes via the Baku-Tbilisi-Ceyhan (BTC) pipeline, the country's PRIME news agency reported, citing the company head Vagit Alekperov. Alekperov underscored that currently, the Lukoil does not plan to increase the volume of oil supply.

SOCAR signs agreement with Russia's Rosneft company

Russia's Rosneft company and the State Oil Company of Azerbaijan (SOCAR) have signed an agreement to create a joint venture on exploration and production of oil and gas in Azerbaijan, Russia and in third countries, Russia's RIA Novosti agency reported. The document was signed during the St. Petersburg International Economic Forum, by the head of Rosneft, Igor Sechin and SOCAR president, Rovnag Abdullayev.

Fifth International Gas Congress opens in Turkmenistan

The fifth International Gas Congress of Turkmenistan opened with participation of around 500 delegates from 32 countries, the organizers of the event said. The congress has been organized by Turkmenistan's Turkmengaz State Concern, the Chamber of Commerce and Great Britain's Summit Trade Events company. Turkmenistan's strategic position in the world's gas market, as well as the international investments in the development of the country's gas resources will be the leitmotifs of the event. Additionally, the congress will focus on the issues regarding the stable and reliable gas transit and the prospects for Turkmenistan's oil and gas sector.

Pakistan says TAPI project vital for region's economic development

Pakistani companies are willing to participate in the exploration and production of Turkmenistan's hydrocarbon resources, Pakistan's Minister of State for Petroleum and Natural Resources, Jam Kamal Khan said. In this regard, the Turkmen side proposed the experts of the two countries to discuss the possibility of creating joint ventures or signing production-sharing agreements. Pakistani delegation met with Turkmenistan's Deputy PM of oil and gas industry, Baymyrat Hojamuhammedov. "The parties discussed the issues of mutual interest, including progress on TAPI gas pipeline project and explored the possibilities of importing different forms of energy from Turkmenistan e.g. Liquefied Petroleum Gas (LPG), " the government's press release said.