Islamic Development Bank to finance TAPI pipeline
The Islamic Development Bank (IDB) will take part in financing of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline’s construction, Neutral Turkmenistan newspaper reported.
Economic feasibility of the TAPI project, which is based on the high demand for natural gas in South Asia, is confirmed by experts of the countries participating in the project and independent international experts testifying to the guaranteed capacity of Turkmenistan to ensure long-term gas supply via this route, said a representative of Turkmengas state concern at TAPI Pipeline Company Limited Muhammetmyrat Amanov.
This is about the giant gas field Galkynysh, which is at the initial stage of its development carried out in several stages. Main gas supply for the interstate TAPI pipeline will be ensured thanks to the third stage of the field’s development that envisages 33 billion cubic meters of natural gas per year.
Amanov also noted that foreign companies and financial organizations were also invited to participate in the “Galkynysh-3” and TAPI gas pipeline projects. He added that Turkmengas state concern, which is responsible for the field’s development and the construction of TAPI’s Turkmen section, has announced a tender for the provision of services on project management, which will be implemented with the participation of the IDB. Such a decision was made in order to attract experienced consulting companies and optimize the cost of equipping the third stage – the construction of two large gas treatment plants with the capacity of 16.5 billion cubic meters of tank gas per year, and the field’s industrial and social infrastructure.
Canada's Zenith produces first oil in Azerbaijan under REDPSA
Canadian Zenith Energy produced first volumes of oil at approximately 300 barrels per day in Azerbaijan as part of PSA signed with Azerbaijan’s state oil company SOCAR for the development of onshore block of oil fields Muradxanli, Cafarli and Zardab, said the company's message. Zenith Aran and SOCAR signed the Rehabilitation, Exploration, Development and Production Sharing Agreement (“REDPSA”) for the production, development and exploration of the 642.4 square kilometer onshore concession encompassing the three fields of Muradxanli, Cafarli and Zardab on March 16, 2016.
Zenith Energy Ltd. established its subsidiary Zenith Aran Oil Company Ltd. for mining operations at Azerbaijan's three onshore oil fields. According to the agreement, Zenith’s share will reach 80 percent, SOCAR - 20 percent. The agreement will have duration of 25 years.
Oil terminal construction nears end in Turkmenistan
Construction of a terminal for reception, storage and shipment of oil products at the Ymamnazar customs point in the Lebap region of Turkmenistan is being completed, the Turkmen oil and gas complex said in a message.
The Turkmen Lebap region borders with Afghanistan. The terminal capacity will be 540,000 tons. Commissioning of this facility will open opportunities to increase the volumes of oil products export to other countries, according to the message.
MoU on Ionian-Adriatic Pipeline signed with SOCAR
Croatia, Albania, Bosnia-Herzegovina and Montenegro signed a Memorandum of Understanding (MoU) on the construction of the Ionian Adriatic Pipeline (IAP) with Azerbaijani state oil company SOCAR, Croatian media reported.
IAP pipeline with a length of around 516 kilometers will be connected to the Trans Adriatic Pipeline (TAP), which is designed to transport Azerbaijani gas to Europe, in the city of Fier in Albania.
Azerbaijani gas will be supplied to several countries of South-Eastern Europe via IAP.
The IAP will pass through Albania, Montenegro, Bosnia and Herzegovina, and end in the city of Split in Croatia. The capacity of the IAP will be five billion cubic meters per year.