Major events in Caspian countries' oil and gas industry for last week (July 21-25)

Analysis Materials 31 July 2014 13:58 (UTC +04:00)

SOCAR starts construction of new platform in Caspian Sea

The State Oil Company of Azerbaijan has started construction and installation works within the framework of construction of new platform No. 6 at the "Bulla Deniz" field in the Azerbaijani sector of the Caspian Sea. The platform is designed for drilling of four wells.

Daily debit of four wells on the platform No.6 is projected to reach two million cubic meters of gas and 600 tons of condensate. The platform will be installed at the point where the water depth is 26 meters.

KazMunaiGas Exploration Production increases value of shares

Kazakhstan`s "KazMunaiGas Exploration Production" JSC (KMG EP) has reported on a recent increase in the value of securities and confirmed that the National Company " KazMunaiGas "(" NC KMG "), the majority shareholder of KMG EP, had a preliminary discussion with the independent directors of the KMG EP on the possible acquisition of the company's ordinary shares in free circulation.

"This decision is in the early stages of consideration, and there is no guarantee that a formal offer will be made in the end. At present, independent directors of the KMG EP carry out the appointment of consultants and will consider any offers from NC KMG in the prescribed manner. But, in the meantime shareholders are strongly advised not to take any action," the press-service of the company said.

Any offer for KMG EP would not be subject to the British City Code on Takeovers and Mergers.

S.Korean consortium increases production of motor gasoline and lubricants in Turkmenistan

South Korean consortium of LG International Corporation and Hyundai Engineering Corporation Ltd will construct a processing facility at the Turkmenbashi oil refinery in Turkmenistan.

The capacity of the facility will be equal to two million tonnes per year.

The facility will increase the production of tar, light and heavy gas oil (diesel and oil fractions) at the enterprise. The products of this unit will increase the production of environmentally friendly motor gasoline, lubricants, liquefied gas, coke, and bitumen.