Azerbaijani, Iranian oil companies ink memorandum of understanding
A delegation led by the First Vice-President of Azerbaijani State Oil Company (SOCAR) Khoshbakht Yusifzadeh visited Iran at an invitation from Iran's Khazar Exploration and Production Company (KEPCO).
The Azerbaijani delegation had meetings at Iran's Petroleum Ministry, as well as, at the oil and gas companies.
The meetings discussed the state and prospects of Azerbaijan-Iran cooperation in the oil and gas industry, oil and gas production in the two countries, transport and export possibilities, gas transportation between the two countries, etc.
During a meeting, KEPCO CEO Ali Osuli highlighted the company's interest in cooperation with SOCAR in the Caspian Sea.
A memorandum of understanding was signed following the meeting and negotiations.
Turkish TPAO signs loan agreement to buy stake in Shah Deniz project
Turkish TPAO signed on Aug. 21 an agreement with Turkey's Vakifbank and Turkiye Is Bankasi for a $1 billion loan to increase stake in the project on development of Azerbaijan's Shah Deniz gas and condensate field, Anadolu news agency said.
During the signing ceremony, Turkish Energy and Natural Resources Minister Taner Yildiz underscored the need to increase Botas' stake in the Trans Anatolian Natural Gas Pipeline Project (TANAP) from 20 percent to 30 percent, and TPAO's stake in the Shah Deniz project from 9 to 19 percent.
"Profits from these projects in the past year stood at $265 million. We plan to double this amount in 2014-2015 [by means of increasing stakes in these projects]," the minister said.
Kazakhstan may increase price of AI-92 gasoline
Prices for AI-92 gasoline in Kazakhstan may increase by 10-15 percent, Deputy General Director of "KazMunaiGas - Processing and Marketing" JSC Erlan Koibagarov said.
He added that there are two factors that lead to a possible increase in gasoline prices today.
"It is the devaluation, as well as the seasonal increase in prices of petroleum products," he noted. "According to our expert assessment, a 10-15 percent increase is possible, and it will be a fair price," he concluded.
Koybagarov said that at present in Kazakhstan "the shortages of fuel will be observed until the completion of modernization of the refinery."
"Kazakh refineries today produce 1.9 million tonnes of AI-92 gasoline while it needs 2.8 million tonnes. It is clear that there is already a certain deficit. Historically, the deficit was covered at the expense of supplies from Russia," he said.
Regulation forming hydrocarbon exploration program approved in Uzbekistan
The Uzbek Cabinet of Ministers approved a regulation forming the exploration program of the Uzbekneftegaz National Holding Company (NHC).
The procedure for the development, coordination and approval of long-term (for a period of five to 15 years), medium-term (up to five years) and the annual hydrocarbon exploration programs has been determined.
Hydrocarbon reserves are planned to be increased by 24.5 percent - to 3.16 billion tons of standard fuel in accordance with the concept of the Uzbek oil and gas industry until 2020, according to Uzbekneftegaz.
Around 232 hydrocarbon deposits were discovered in Uzbekistan, including 183 gas fields. Around 103 are being developed, and 60 prepared for development. Exploration operations are underway at 69 fields.