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There are no political risks for Azerbaijani gas supplies to Europe, SOCAR head Rovnag Abdullayev told journalists today."No one is safe from risk," Abdullayev said. "The Karabakh issue still remains unresolved. But Azerbaijan is a peaceful country. It stands for good-neighbourly relations. I do not think there will be risks. We do not see any political risk right now," Trend quotes Abdullayev.
The Trans-Adriatic gas pipeline and Nabucco West projects had a big difference between them in terms of the cost of gas and its delivery, BP vice-president for Shah Deniz field development Al Cook told journalists today, Trend reports."TAP and Nabucco had a big commercial difference between them in terms of the cost of gas and its delivery," he said.
Azerbaijani gas will go to Europe through TAP (the Trans-Adriatic Pipeline). This decision was made by a consortium of "Shah Deniz" and the State Oil Company of Azerbaijan (SOCAR ) and immediately announced by two sources in Greece and Hungary.
Nizami Piriyev, chairman of the board of AzMeCo, said at the 20th Caspian Oil & Gas 2013 Conference that Azerbaijan launched a methanol plant producing 720,000 tons of methanol a year and will produce the first portion of the substance in two months.A deal was signed with BP to export it to the West using the Batumi Port of Georgia on the Black Sea.
16 out of 17 share indexes of West Europe dropped yesterday. The Danish stock market was closed. The composite index of Stoxx Europe 600 dropped by 1.49% to 295.12 points, a minimal since April 24. The indicator has been growing by 5.6% since the start of the year, Interfax reports.Index of Dow Jones Euro Stoxx 50 dropped by 46.37 (-1.68%) to 2709.33 points.
Baku is hosting the 20th Caspian Oil and Gas Conference. Azerbaijani President Ilham Aliyev and his wife Mehriban have attended the opening. About 400 companies are taking part.
Rovnag Abdullayev, President of the State Oil Company of the Azerbaijan Republic (SOCAR), said that specialists of his company and Russia’s Transneft, managing company of the Russian pipeline system, were negotiating transit of Azerbaijani oil through Russia.
Washington Post published today an article by the Associated Press "Ratings agency warns of economic slowdown in Russia, calls for structural reform" on the current economic situation in Russia. "Russia faces harsh times ahead for its economy unless the government improves the country’s poor investment climate and implements long-delayed privatizations and reforms, U.S ratings agency Standard & Poor’s has warned," the article opens."Russia has seen more than a decade of largely uninterrupted economic growth, thanks to its lucrative oil and gas industries, to
Turkish Prime Minister Recep Tayyip Erdogan said that Turkey and US Exxon Mobil will search for oil in the Kurdish Autonomy of Iraq together, Trend reports.Erdogan will visit the US and discuss a deal for the joint searches.Tensions between the Kurdish administration and Iraqi authorities escalated when Exxon Mobil received a permit from the Kurdish administration in October 2011 to explore and extract oil in the region.According to BP, the Kurdish Autonomy has 45 billion barrels of oil.
BP-Azerbaijan has published production figures of oil production for the first quarter of 2013. The BP Plc-led Azeri-Chirag- Guneshli field in Azerbaijan’s section of the Caspian Sea pumped 8 percent less oil in the first quarter, the Turan news service reported.On the production platform "Chirag-1" 14 wells are in operation, of which 10 are producing wells and 4 are water-injection.
Turkish President Abdullah Gul said at the World Energy Forum in Istanbul that the Trans-Anatolia Gas Pipeline (TANAP) was a significant aspect of EU energy security.Azerbaijani gas from Shah Deniz will be only the first stage of fuel deliveries to Europe. More sources will be available later.Statoil and BP will get 12% of shares in TANAP each, Total will get 5%.TANAP will transfer 16 billion cubic meters of Shah Deniz gas annually. 6 billion cubic meters will be delivered to Turkey and the rest to Europe.
BP President Gordon Birrell said that over $40 billion had been invested in Azerbaijani petroleum projects, including Azeri-Chirag-Guneshli, Trend reports.2.2 billion barrels of oil were extracted within the framework of the ACG project.1.7 billion barrels of oil were transported via the Baku-Tbilisi-Ceyhan pipeline and 2140 tankers from Port Ceyhan.About $25 billion have been invested in the second stage of the Shah Deniz project to make Azerbaijan the main gas supplier of Europe.
The consortium developing Azerbaijan's giant Shah Deniz field in the Caspian Sea has begun evaluating binding transportation offers from the Nabucco West and Trans Adriatic Pipeline (TAP) consortia, offering to carry Azerbaijani gas from the Shah Deniz field to Europe, BP Azerbaijan reported on Thursday.According to the report, this represents another important milestone in the implementation of the Southern Gas Corridor.The two consortia, Nabucco Gas Pipeline International and TAP, have been in extensive negotiations with the Shah Deniz consortium following delivery
Azerbaijan and the oil giant BP are happy with the existing long-term successful cooperation and are satisfied with its strategic nature. This announcement was made today at the meeting of the Azerbaijani President Ilham Aliyev and Robert Dudley, the head of BP.Dudley updated Ilham Aliyev on the works currently being undertaken in Azeri-Chirag-Guneshli, Trend reported.During the meeting, the sides stressed the successful implementation of works on the Shah Deniz field and exchanged views around the current state and prospects of future cooperation.
The U.S. magazine "Time" has included Igor Sechin in the list of the one hundred most influential people in the world. The head of the company "Rosneft" has become the sole representative of Russia in this list.
Grim comments by Russian experts
Rosneft Executive Chairman Igor Sechin and BP Chief Executive Robert Dudley have informed Russian President Vladimir Putin about conclusion of purchase of all shares of THK-BP by Rosneft. The deals were registered at off-shore zones of the Caribbean Islands, Cyprus and Europe.
Russia’s state-owned Rosneft put the final touches to its takeover of TNK-BP on Thursday to become the world’s largest publicly traded oil company.The deal for the purchase of TNK-BP from Britain’s BP and the AAR consortium of Russian billionaire shareholders places Rosneft ahead of Exxon Mobil and Royal Dutch Shell in terms of crude production.“Rosneft and BP today completed a number of transactions, in line with the terms announced in October 2012,” Rosneft said in a statement.
Rosneft has taken over TNK-BP in a $55bn (£36bn) deal that will makethe Russian state-owned oil company by far the world's largest listedoil producer. "Biggest takeover in Russian history will allowstate-owned company to increase its daily oil production to 4mbarrels," the Guardian writes. Bob Dudley, BP's chief executive, said it was a "historic day for BPin Russia". "BP has invested in Russia for more than 20 years and for
French company Société Générale Corporate & Investment Banking has been chosen as the financial advisor for the Trans Adriatic Pipeline (TAP) project.
