Tag Archives: hydrocarbons

Kazakhstan’s trade turnover sinks

JULY 5 2016 (The Conway Bulletin) — Hit by a sharp drop in commodity prices, Kazakhstan’s foreign trade turnover shrank by 30% in Jan.-April compared to the same period last year, the Statistics Committee said. Exports fell by 31% in the first four months of the year to $11b while imports fell by 29% to $7.2b. The global drop in oil and commodity prices has exposed Kazakhstan’s over reliance on its extractive industry.

ENDS

(News report from Issue No. 288, published on July 8 2016)

Putin ratifies oil supply deal with Tajikistan

JULY 3 2016 (The Conway Bulletin) — Russian President Vladimir Putin ratified an oil supply agreement with Tajikistan signed in 2013. The deal will allow Tajikistan to import oil under a duty-free scheme. Tajikistan, however, cannot re-export the oil supplied by Russia. Russia is one of the main suppliers of oil for Tajikistan. The deal increases Russia’s influence over Tajikistan.

ENDS

(News report from Issue No. 288, published on July 8 2016)

Azerbaijan’s SOCAR reports loss

JULY 1 2016 (The Conway Bulletin) — Azerbaijan’s state-owned energy company SOCAR posted a loss of 1.8b manat ($1.2b) in 2015 because of low oil prices, its first loss for over a decade. SOCAR said it will potentially turn a profit this year because of a sharp depreciation of the manat in December 2015, when the Central Bank ditched the peg to the US-dollar.

ENDS

(News report from Issue No. 288, published on July 8 2016)

Azerbaijan invests in pipelines

JUNE 29 2016 (The Conway Bulletin) – The total cost of the new pipelines that will form the so-called Southern Gas Corridor amounts to $6.1b, according to Vagif Aliyev, head of investment at SOCAR, Azerbaijan’s state-owned energy company. TANAP, which will run through Turkey, will cost $4.9b, out of which Azerbaijani companies will contribute $820m, according to Mr Aliyev. The Trans-Adriatic Pipeline (TAP), which will connect Turkey to Italy, has a price tag of $1.2b, and will be completed in the next three years.

ENDS

(News report from Issue No. 287, published on July 1 2016)

Turkmenistan agrees barter deal with Iran

JUNE 30 2016 (The Conway Bulletin) — Iran and Turkmenistan have agreed a barter deal which significantly boosts their cooperation, media reported. According to Iranian media reports, Turkmenistan will export around $30b worth of gas to north Iran over the next 10 years in exchange for $30b of technical assistance. The two neighbours have been developing their cooperation over the past few years, often through barter agreements.

ENDS

(News report from Issue No. 287, published on July 1 2016)

Azerbaijan’s SOCAR exports gas to Turkey

JUNE 28 2016 (The Conway Bulletin) – SOCAR Gas, a Turkey-based subsidiary of Azerbaijan’s state-owned energy company, said it sold around 330m cubic metres of gas in Q1 2016 to the Turkish domestic market. The Turkish government decided to buy up to 1.2b cubic metres of SOCAR’s gas this year. Previously, SOCAR gas exports to Turkey were mostly destined to the Petkim petrochemical plant, in which it owns a majority stake.

ENDS

(News report from Issue No. 287, published on July 1 2016)

Lukoil to invest $1b in its Uzbekistan projects

JUNE 27 2016 (The Conway Bulletin) – Russian oil and gas company Lukoil said it will invest around $1b in its Uzbekistan projects and is looking to find South Korean banks that want to back its plans. Lukoil wants to build a gas processing plant in the country and treble its output at the Gissar gas field to 4.8b cubic metres/year by 2017. Lukoil is looking to strengthen its position in Uzbekistan, one of its core markets, ahead of a possible Eurobond issue.

ENDS

(News report from Issue No. 287, published on July 1 2016)

Blast at an oil storage kills seven in Turkmenistan

JUNE 29 2016 (The Conway Bulletin) — A blast at an oil storage facility in Turkmenbashi in western Turkmenistan killed seven people, local media reported. A government official later denied the report but it would be unusual for a report of this nature to be erroneous. If it is confirmed, the incident will be a blow to the reputation of Turkmenistan’s main Caspian Sea port.

ENDS

(News report from Issue No. 287, published on July 1 2016)

Oilmen strike in western Kazakhstan

JULY 28 2016 (The Conway Bulletin) — Around 700 oil workers staged a two-hour strike, protesting against alleged pay cuts and job losses at the Burgylau oil service company in Zhanaozen, western Kazakhstan, the US-funded RFE/RL reported. Burgylau is linked to businessman Yakov Tskhai, who owns a majority stake in its parent company KazPet- roDrilling. In 2011, around 15 people died in Zhanaozen during clashes between striking oilmen and police.

ENDS

(News report from Issue No. 291, published on Aug. 1 2016)

Kazakhstan and Iran to build refinery

JUNE 27 2016 (The Conway Bulletin) — Kazakhstan and Iran will build a new refinery in the Iranian Caspian Sea port of Amirabad, Golestan,specifically to process Kazakh oil for export. It is unclear how much the refinery is going to cost to build and when it will be operational but it is probably the biggest single joint venture between the two countries since many Western sanctions on Iran were lifted in January.

ENDS

(News report from Issue No. 287, published on July 1 2016)