Tag Archives: oil

Tecnimont to build plant in Azerbaijan

FEB. 5 2016 (The Conway Bulletin) – Italy’s Maire Tecnimont signed a $180m deal with Azerbaijan’s SOCAR Polymer to build a polyethylene plant near Baku, local media reported. The plant is part of SOCAR’s petrochemical complex in Sumgayit, 30km north of Baku. SOCAR Polymer is a subsidiary of SOCAR, Azerbaijan’s state-owned oil and gas company.

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(News report from Issue No. 267, published on Feb. 12 2016)

 

TCO posts production record in Kazakhstan

FEB. 9 2016 (The Conway Bulletin) – Tengizchevroil, the Chevron-operated oil project near Atyrau in western Kazakhstan, produced a record 27.16m tonnes of oil in 2015, up from 26.7m tonnes in 2014, media reported quoting the company. The data underlines Tengizchevroil’s status as Kazakhstan’s biggest oil exporter. It was supposed to have been overtaken by the giant Kashagan oil field in the Caspian Sea by now but faulty gas pipes have had to be repaired on this project, delaying production until either the end of this year or 2017.

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(News report from Issue No. 267, published on Feb. 12 2016)

 

Stock market: Bank of Georgia, Tethys, Centerra

FEB. 5 2016 (The Conway Bulletin) — Bank of Georgia shares were up 6.9% this week, closing at £18.14 on Thursday. The bank has followed a downward trend since the beginning of the year, but news of the merger between its corporate banking and investment management departments lifted its shares.

BGEO Group, the holding that owns Bank of Georgia, said it is confident that the move will boost returns and reduce risk.

Tethys Petroleum shares jumped by 19.7% to 2.25p off the back of stable oil prices, leading an upbeat crowd of oil and gas companies involved in the region. Only Nostrum continued the slump.

Among miners, Centerra Gold posted a significant jump of 7.2% to 6.73 Canadian dollars after the Mongolian parliament unblocked negotiations over ownership and licences linked to one of their gold mines in the north of the country.

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(News report from Issue No. 266, published on Feb. 5 2016)

First petrol from Iran arrives in Tajikistan

FEB. 3 2016,  DUSHANBE (The Conway Bulletin) — Iran shipped its first batch of petrol to Tajikistan, a deal both countries credited to the lifting of Western sanctions.

It’s also, importantly, more evidence of the impact that post-sanctions Iran is having on Central Asia and the South Caucasus. Reports from across the region have shown a sharp increase in trade with Iran since the US and the European Union lifted sanctions on Jan. 16.

These deals have included an agreement with Kazakh airline Air Astana, grPain agreements with Kazakhstan, trade arrangements with Armenia and the arrival of the first train, via Central Asia, direct from China in Iran.

But it is, perhaps, petrol exports to the Central Asia/South Caucasus region where Iran can have the biggest impact.

Officials from the National Iranian Oil Products Distribution Company told local media the shipment of petrol to Tajikistan measured 2.9m litres, a volume they could maintain on a daily basis. If it did send this amount of petrol to Tajikistan every day, Iran’s petrol exports would measure around 750,000 tonnes a year. This roughly equals Tajikistan’s total current consumption. It had previously imported most of its petrol from Russia.

Mohammad-Mehdi Gharaei, director of the distribution company, told media that Tajikistan had asked for the petrol products. “In view of the [post-sanctions] conditions, Tajikistan requested in early February to purchase Iranian gasoline,” he said.

Iran sent petrol to Tajikistan on trucks through Afghanistan.

Iran is a net importer of petrol. This, though, will change later this year when a new super-sized refinery opens on the Persian Gulf. This refinery will turn Iran into a petrol exporter and Central Asia and the South Caucasus will be a prime target market. They just don’t have enough refinery capacity.

Iman Nasseri, of FGE energy consultancy in London, said Iran is looking to capture market share.

“In the post-sanctions era we expect more shipments from Iran. Most of these might have been discussed and negotiated before sanctions were lifted,” Mr Nasseri told The Bulletin.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Editorial: Iranian oil for Tajikistan

FEB. 5 2016 (The Conway Bulletin) – Iran is emerging from its economic exile with force and its impact is being felt across Central Asia and the South Caucasus.

The new petrol export deal with Tajikistan, together with recent deals with Kazakhstan’s Air Astana and the negotiations with Armenia and Georgia over gas supplies, is a testimony of the importance that countries in the region give to Iran as a trade partner.

Iran is still a net importer of gasoline but it is now close to opening a new 18m tonnes refinery on the Persian Gulf coast, which officials say “will change the gasoline balance in Iran” and could possibly turn the country into a net exporter.

For countries like Tajikistan this is good news as it means that Iran could become a supplier of oil for both Central Asia and the South Caucasus.

Tajikistan has previously bought all its refined petrol from Russia. With Iran’s re-emergence onto the scene this over-reliance on its former colonial master is reduced, giving Tajikistan a genuine choice on where to buys its petrol.

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(Editorial from Issue No. 266, published on Feb. 5 2016)

 

China expresses interest in Kazakh Mangistau

FEB. 2 2016 (The Conway Bulletin) – Alik Aidarbayev, head of the Mangistau region of western Kazakhstan, said that only China has expressed serious interest in paying for the construction of a new oil refinery. The Mangistau region has been working on plans to build Kazakhstan’s fourth refinery for years. Mr Aidarbayev’s comments are important because they show both the financial power of China and the relative weakness of Russia. Kazakhstan has been looking to boost its refinery capacity for some time. It currently has three refineries.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Exxon bets on Kazakh oil field

FEB. 2 2016 (The Conway Bulletin) — US oil company ExxonMobil said that it still thinks the giant Kashagan oil field in the Kazakh sector of the Caspian Sea will re-start production by the end of the year. ExxonMobil also said Kashagan will be one of its four key start-up projects for 2016. Other estimates forecast that repairs to essential pipeline infrastructure could drag on until 2017. ExxonMobil owns 16.81% in the international venture that operates Kashagan.

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(News report from Issue No. 266, published on Feb. 5 2016)

Sumatec delays start of operations at Kazakhstan’s Buzachi field

FEB. 2 2016 (The Conway Bulletin) — Malaysian oil company Sumatec said that it hadn’t yet started operations at its Buzachi field in the Mangistau region, western Kazakhstan, that it bought last year for $290m from Borneo Energy. It has delayed a $105m payment to different creditors until Buzachi starts production.

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(News report from Issue No. 266, published on Feb. 5 2016)

Technip quits Azerbaijan

JAN. 22 2016 (The Conway Bulletin) — French oil service company Technip Maritime Overseas quit Azerbaijan. It didn’t give an explanation about why it had quit Azerbaijan but the collapse in global oil prices could well be the root cause. The company, which has operated in Azerbaijan since 1993, maintains regional headquarters in Turkmenistan and Kazakhstan. Last year it won a consulting contract with TAP, a gas pipeline that will bring gas from Azerbaijan to Italy.

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(News report from Issue No. 265, published on  Jan. 29 2016)

Zenith ramps up exploration in Azerbaijan

JAN. 27 2016 (The Conway Bulletin) — Toronto-listed Zenith Energy created a subsidiary called Zenith Aran Oil to explore three fields in central Azerbaijan. Current production is low, 350 barrels/day, but the company says the fields have a larger potential. Zenith said the decision to form a subsidiary is “indicative of both Zenith’s long term commitment to Azerbaijan and plans to exclusively focus on the recently acquired fields.”

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 265, published on  Jan. 29 2016)