Major events in Caspian countries' oil and gas industry for week

Azerbaijani president approves agreement on TANAP gas pipeline

Azerbaijani President Ilham Aliyev today approved the agreement on "The System of the Trans-Anatolian gas pipeline between the Azerbaijani and Turkish governments", signed in Istanbul on June 26, 2012.

The TANAP project envisages the construction of a pipeline from the eastern border of Turkey to the country's western border to supply gas from Azerbaijan's Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About six billion cubic meters will be delivered to Turkey, and the rest to Europe.

SOFAZ assets exceed $34 bln

From 2001 to December 31, 2012, revenues to the State Oil Fund of Azerbaijan (SOFAZ) amounted to $83.7 billion (67.4 billion manat), the fund said.

According to the Oil Fund, SOFAZ expenditures for the period totalled $49.6 billion (40.6 billion manat).

More than 95.5 per cent of revenues in this period accounted for the development of the Azeri-Chirag-Guneshli (ACG) field oil and gas blocks in the Azerbaijani sector of the Caspian Sea, as well as the Shah Deniz gas condensate field.

Nabucco shareholders, Shah Deniz partners sign two agreements

The Shareholders of the Nabucco gas pipeline project and the partners on the Azerbaijani Shah Deniz gas condensate field's development (SOCAR, BP, Statoil and Total) signed Cooperation Agreement, as well as Equity Option and Funding Agreement.

The documents were signed in Vienna.

Equity Option and Funding Agreement, in particular, envisages joint funding of the development costs of the Nabucco West up to the pipeline selection decision for Shah Deniz' European export route, as well as the granting to Potential Investors of equity options of 50 percent to participate as shareholders in NIC following a positive pipeline selection decision by the Shah Deniz Consortium in favour of Nabucco West.

Environmental impact of South Caucasus gas pipeline expansion assessed in Azerbaijan

A draft document on Environmental and Social Impact Assessment of the South Caucasus gas pipeline expansion project in Azerbaijan has been prepared, BP's statement (operator of the South Caucasus Pipeline), published in the official press, said.

The company announced that the project is ready and will be submitted to the public to gather opinions and proposals.

Place defined to build SOCAR oil refinery in Kyrgyzstan

The place to build SOCAR oil refinery in Kyrgyzstan has been defined, President of the Association of Oil Traders of Kyrgyzstan, Zhumakadyr Akeneev said.

"Azerbaijani side had a choice of places to build the oil refinery and they have chosen Tokmak city," Akeneev said.

As Akeneev mentioned, trilateral meeting of representatives of Azerbaijan, Kyrgyzstan and Kazakhstan on the implementation of the project is expected, however, exact date of it is unknown yet.

As he mentioned earlier, it is planned that China will build the pipeline Kazakhstan-Kyrgyzstan - China, through which oil will be supplied, including to SOCAR oil refinery.

Iran discovers new natural gas reserves

Iran has discovered new reserves of natural gas, Iranian Central Oilfields Company Managing Director Mehdi Fakour said, Mehr reported.

Without revealing any details, Fakour noted, that the reserves were discovered in North-East of Iran.

Turkmenistan, Dresser Rand Company discuss cooperation prospects in fuel-energy complex

President of Turkmenistan Gurbanguly Berdimuhammadov received the president and chief executive officer of Dresser-Rand Group, Inc. Vincent R. Volpe, the Turkmen government said.

During the meeting, the sides exchanged views on the prospects of cooperation in the fuel and energy complex (FEC). The parties discussed providing compressor equipment and servicing of oil and gas facilities and the gas processing infrastructure, as well as training of specialists.


/Trend/