Tag Archives: oil

Oil shipments through Georgia’s Batumi port fall

SEPT. 1 2017 (The Conway Bulletin) — Oil shipments through the Georgian Black Sea port of Batumi have fallen by a third this year, a port official told Reuters. The port is a major hub for the region’s economy and a large drop in oil shipments, most arrive on trains from Baku, could suggest a slowdown. The port is operated by Kazakh oil and gas company Kazmunaigas. In total, Batumi port processed 1.472m tonnes of crude and refined oil in the first eight months of the year, down from 2.227m tonnes.

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(News report from Issue No. 342, published on Sept. 7 2017)

Azeri-Chirag- Guneshli production falls

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AUG. 17 2017 (The Bulletin) — BP said that the Azeri-Chirag- Guneshli (ACG) in the Azerbaijani section of the Caspian Sea produced 14m tonnes of oil in the first half of 2017, 12.5% less than during the same period in 2016. The drop will irritate Azerbaijani officials who have been pressuring BP to stop a production slippage at ACG, its biggest oil producer. In the first half of 2013, ACG had produced nearly 22m tonnes of oil.

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(News report from Issue No. 340, published on Aug. 20 2017)

US sanctions do not hit Kazakh CPC exports

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AUG. 8 2017 (The Bulletin) — New US sanctions imposed on Russia will not affect Kazakh oil exports via the CPC pipeline to the Russian port of Novorossiysk, media quoted Kazakhstan economy minister Timur Suleimenov, as saying. CPC has become the main export route for Kazakh oil produced at Tengizchevroil and Kashagan. At the start of August, US President Donald Trump signed a series of sanctions targeting Russian oil exports in retaliation for its meddling in the US election.

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(News report from Issue No. 339, published on Aug. 13 2017)

Azerbaijan boosts gas imports from Russia

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JULY 3 2017 (The Bulletin) — Russia’s Gazprom said that it was in negotiations with Azerbaijan to increase the amount of gas it sells it. The statement followed a meeting between the head of Gazprom Alexey Miller and the head of SOCAR, the Azerbaijani state- owned oil and gas company, Rovnag Abdullayev and highlights improved Azerbaijan-Russia relations. Azerbaijan started gas imports in September 2015.

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(News report from Issue No. 336, published on July 16 2017)

Azerbaijan oil exports via BTC fall 11.8%

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JULY 5 2017 (The Bulletin) — Azerbaijan’s oil exports through the Baku-Tbilisi-Ceyhan pipeline (BTC) fell by 11.8% in the first half of 2017 compared to the same period last year to 13.174m tonnes, state-owned SOCAR said. This is significant as the BTC export route is Azerbaijan’s main thoroughfare for its oil, its most important commodity. No reason was given for the drop in oil exports.

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(News report from Issue No. 336, published on July 16 2017)

Oil shipments from Georgia drop

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JULY 4 2017 (The Bulletin) — Oil shipments from the Georgian Black Sea port of Batumi have fallen 29.2% this year, an official from Kazakhstan’s state-run Kazmunaigas told local media. He didn’t give a reason for the drop although Kazakh oil producers have previously said that they have switched exports to the Caspian Pipeline Consortium which threads around the north coast of the Caspian Sea to the Russian port of Novorossiysk. Batumi is a major oil exit point for crude oil heading to Europe. A heavy reduction in its use will hit Georgian revenues. Georgian officials have not commented.

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(News report from Issue No. 336, published on July 16 2017)

Stock market: KAZ Minerals, Georgia Healthcare

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JULY 16 2017 (The Bulletin) — In a rocky fortnight for stocks in Central Asia and the South Caucasus, only KAZ Minerals and Georgia Healthcare bucked the trend and returned growth. Both have had stellar years and are hitting all-time highs.

For KAZ Minerals, the Kazakhstan-focused copper producer formerly called Kazakhmys, production costs at its sites in north Kazakhstan have been lower than previously expected giving it greater margins. Copper prices have been fairly stable, trading in the $250 – $270 per lb corridor this year after a jump at the end of 2016.

For Georgia Healthcare, analysts have simply underestimated the profitability of the product that it was offering. This profitability may have been a motivating factor for London-listed BGEO Group, which owns a 57% stake in Georgia Healthcare, to tell investors that it was going to split into two companies. BGEO Group plans to hold the Georgia Healthcare stake, along with other assets, but it will spin off Bank of Georgia into its own London-listed company.

On the downside Nostrum was the biggest faller, shedding more than 15% of its price. It is now trading at below 430p for the first time since the end of March.

On Toronto’s stock exchange, Centerra Gold was down 6.3% to C$6.63, its lowest since the March.

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(News report from Issue No. 336, published on July 16 2017)

OPEC oil deal will break up in 2018, says Kazakh minister

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JULY 5 2017 (The Bulletin) — JULY 9 2017 (The Bulletin) — Kazakhstan effectively signalled its withdrawal from an OPEC deal to cut oil output in an attempt to drive up prices. Russia’s TASS news agency quoted energy minister Kanat Bozumbayev as saying at an energy conference in Istanbul that Kazakhstan wanted to rise output as soon as the current agreement expired in March 2018.

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(News report from Issue No. 336, published on July 16 2017)

Gas trade increases between Uzbekistan and Turkmenistan

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JUNE 27 2017 (The Bulletin) — Uzbekistan will increase imports of gas condensate from neighbouring Turkmenistan to feed its new refinery at Bukhara, media reported quoting state-owned Turkmengas. There have been no public announcements on an increase in gas to Uzbekistan and no numbers have been released on how much gas will be sent to Uzbekistan from Turkmenistan. Turkmenistan has been looking to broaden its gas purchasing clients.

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(News report from Issue No. 335, published on July 3 2017)

Kazmunaigas confirms deal with ENI

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JUNE 27 2017 (The Bulletin) — Kazakh state oil and gas company Kazmunaigas confirmed a deal with ENI that will transfer a 50% stake in the Isatay block in the Caspian Sea to Italy’s ENI. Under the deal the two companies will jointly explore the Isatay block for exploitable oil and gas reserves. ENI has been playing a lead role in developing the Kashagan offshore oil project in the Kazakh sector of the Caspian Sea.

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(News report from Issue No. 335, published on July 3 2017)