Major events in Caspian countries' oil and gas industry for last week (Dec. 8-12)

Cost of fuels and lubes in Kazakhstan to be linked to prices in Russia

The government of Kazakhstan is introducing monthly recalculation of prices for fuels and lubricants, which will vary depending on the prices for fuel in Russia, Vice-Minister of Energy of Kazakhstan Uzakbay Karabalin said at a briefing in Astana.
He said that in order to stabilize the situation on domestic oil products market, it was decided to correlate the country's prices depending on the price changes in Russia, which supplies one-third of Kazakhstan's gasoline consumption.
The deputy minister said that one of the causes of fuels and lubricants shortage on the domestic market of Kazakhstan in fall of 2014 was the difference in prices.
"Until recently, we had the lowest prices for fuels and lubricants, which led to the unauthorized export of fuels and lubricants and increase of the deficit, despite the ban on the export of oil products," said Karabalin.
Karabalin said that aside from a monthly recalculation of price limits, a monthly recalculation of excises will also be held, and that will be an obstacle for traders in receiving extra incomes.

KMG EP commissioning Aksay oil & gas field

KazMunaiGas Exploration Production (KMG EP), a Kazakh oil and gas company, announced about the commissioning of the Aksay oil and gas field, the development license of which is owned by the KMG EP joint venture, the Kazgermunai LLP.

The message said that according to a report by the independent company Miller and Lents, Ltd., as of Dec. 31, 2013 the Aksay field's 2P (both proven and probable) oil reserves stood at 1.5 million metric tons, and gas reserves - at 1.626 million cubic meters.

The investments in the project called the "Development of Aksay field" amount to 9.6 billion KZT (about $53 million). Additional investments are expected to come in the future. They will be directed towards construction of wells.

Energy Charter Forum unveils important obstacle with energy transportation

Sources of supply are abundant in Eurasia, but the transportation of energy sources from where they are produced to where they are needed remains a serious obstacle, read a message on conclusion of the Energy Charter Forum held in Ashgabat, Turkmenistan.

Ministers and high ranking officials from governments, international organizations and industry gathered at the Ashgabat Energy Charter Forum, co-organized by the government of Turkmenistan and the Energy Charter Secretariat.

The topic of their debate was reliable and stable transit of energy.

The message said special attention was paid to the potential of international trade in natural gas, oil and electricity in the Eurasian region.

Ensuring energy security and diversifying sources and routes of supply and final markets have been identified as a common objective.

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