Major events in Caspian countries' oil and gas industry for last week (Nov. 10-14)
Company for construction, operation of TAPI gas pipeline established
Gas companies of four countries have established a company that will be engaged in construction and subsequently, operation of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, the Asian Development Bank (ADB), which is the transaction advisor for the TAPI project, said.
The company was established by Turkmengaz State Concern, Afghan Gas Corporation, Pakistan's Inter State Gas Systems (Private) Limited and India's GAIL (India) Limited.
ADB said that the abovementioned companies will have equal shares in the capital of the new company.
Largest Kazakh oil & gas company completes $1.5B benchmark eurobond issuance
KazMunaiGas (KMG), Kazakhstan's largest oil and gas company, completed on Nov. 7 a dual tranche $1.5 billion benchmark eurobond issuance with a final yield of 4.95 percent for a $500 million 10.5-year tranche, and 6.10 percent for a $1 billion 30-year tranche.
The offering is rated BBB (Fitch), Baa3 (Moody's) and BBB- (Standard & Poor's), according to the message.
This bond offering represents the largest corporate eurobond deal in CIS in 2014. Following roadshow sessions in London, Munich, Boston, New York and Los-Angeles, the KMG received orders from over 300 institutional investors.
Singapore company to hold seismic survey in Turkmen sector of Caspian Sea
Turkmengeologiya State Corporation will conclude a contract for a seismic survey with Yug-Neftegaz Private Limited company registered in Singapore, said a public decree of President of Turkmenistan Gurbanguly Berdimuhammadov.
The resolution refers to the implementation of 3D seismic research on the area, including the shallow part of Caspian Sea within the North Goturdepe field in western Turkmenistan, and the adjacent central and western parts of the Goturdepe field.
Additionally, it is planned to carry out 2D seismic exploration work in shallow waters of the Caspian Sea from the Dardzha gulf to the south shallow lowland Kelkor together with a plot of land, as well as 3D seismic survey on the south-western part of the field Goturdepe, Barsagelmez and the depression located between these two fields.