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Energy news
Bulletine Energy 

2017 August 14 ( Monday )  10:34:10
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Azerbaijan Exempted Customs Duties on Import of Jet Fuel

Baku/14.08.17/ Turan: Import of fuel for jet engines in Azerbaijan is exempt from customs duties. The corresponding decision was taken by the Cabinet of Ministers of Azerbaijan on August 10, 2017. The customs duty is reduced from 15 to 0 percent.

By another decision of the Cabinet of Ministers, the excise rate for the import of kerosene for jet engines was reduced from 80 manats to 1 manat per ton.

These decisions entered into force on the day of publication and are valid for 90 days. -12B-

SOCAR Commissions Two New Wells in Onshore Field

Baku/14.08.17/ Turan: SOCAR (State Oil Company of Azerbaijan) commissioned two new wells at the Seadan overland field.

As the press service of the company informs, wells No. 1836 and No. 1847 were drilled to the productive bed of Govundag-Maykop. The daily production rate of each of the wells is 4-5 tons of oil.

* The Seadan field, located 120 kilometers north of Baku, is being developed by the Siyazanneft oil and gas production unit, which are part of the SOCAR structure. -12B

Date of Commissioning New Field in Caspian Sea Announced

Baku/14.08.17/ Turan: Lukoil is designing the development of the Rakushechnoe deposit in the Caspian Sea, and the commissioning period is 2021. The General Director of LLC Lukoil-Nizhnevolzhskneft Nikolay Lyashko told journalists last week.

"We are planning to start the tenders for the selection of equipment suppliers with a long production time. The selection of the contractor for the facilities will be carried out in early 2018, and in 2021 we plan to start drilling and put it into operation," Lyashko said.

He also noted that the facilities already opened by the company will allow the company to mine in the Caspian for 40-50 years, taking into account the prospect of exploration - for 100 years.

At the end of last year, Lukoil began to implement the initial stage of the development of the Rakushechnoe deposit in the Caspian Sea. The development of Rakushechnoe is included in the list of priority projects of strategic importance for Lukoil Group and is part of the company's concept for the development of the Russian sector in the Caspian Sea.

* As a result of prospecting and exploration work in the Astrakhan region, Lukoil opened six large multi-layer deposits (named after V. Filanovsky, Y. Korchagin, Sarmatskoye, Khvalynskoye, Rakushechnoe and 170 km) and identified 10 promising structures with total geological reserves of 1.1 billion tons of conditional fuel in categories С1 + С2. -0

Turkmenistan and Pakistan Discuss TAPI Gas Pipeline Project

Baku/14.08.17/ Turan: Turkmenistan and Pakistan discussed the implementation of the TAPI gas pipeline project (Turkmenistan-Afghanistan-Pakistan-India), the Turkmen Foreign Ministry said on Saturday.

Discussions were held during a meeting with Pakistan's new Extraordinary and Plenipotentiary Ambassador Murad Ashraf Janjua in the Ministry of Foreign Affairs of Turkmenistan.

The diplomat at the meeting noted the strategic role of TAPI and expressed his full commitment to further cooperation with Turkmenistan.

"Noting the dynamic development of political and diplomatic cooperation, the parties discussed the issues of the next meeting of the intergovernmental commission, which is planned to be held in Ashgabat in the near future," the information says.

* Construction of the Turkmen section of the TAPI gas pipeline with a length of 214 km began in December 2015. So far, about 20 km of the gas pipeline has been built. At the Afghan and Pakistani sites, exploration works are being carried out at this stage. -0

Net Profit of Petkim Increased by 74% in H1 of 2017

Baku/14.08.17/ Turan: The net profit of Turkish Petkim Holding Petrokimya increased by 73.6% in the first half of 2017 compared to the same period in 2016 - up to 655.063 million Turkish liras (TL).

According to the message of the holding, the gross profit of the company for January-June 2017 amounted to 938.698 million TL (1.9 times growth), the net sales amounted to 3 billion 626.42 million TL (an increase of 58.6%), and the main operating profit amounted to 808.726 million TL (1.9 times).

Assets of Petkim in the first half of 2017 amounted to 6 billion 314.284 million TL, which is 0.7% higher than the index for the same period last year.

The utilization ratio of Petkim's production capacities in the first half of the year reached 96% against 94% in the same period last year.

Petkim Petrokimya Holding founded on April 3, 1965 is the leading petrochemical complex in Turkey. Petkim"s shares are quoted on the Istanbul Stock Exchange.

* SOCAR Turkey Energy (SOCAR subsidiary) owns a controlling stake (51%) of Petkim Petrokimya Holding.

IEA Increases Forecast for Growth in Oil Demand by 100,000 B / D in 2017

Baku/14.08.17/ Turan: The International Energy Agency (IEA) has raised the forecast for the growth in oil demand in 2017 by 100 thousand b / d - up to 97.6 million b / d, Bloomberg reports with reference to the report.

The forecast for oil demand in 2018 was revised from 99.4 million b / d to 99 million b / d.

The agency also notes that OPEC production in July rose by 230 thousand b / d - to 32.84 million b / d.

According to the report, the IEA expects non-OPEC countries to increase production by 700 thousand b / d in 2017 and 1.4 million b / d in 2018, of which 600 thousand b / d and 1 million b / d, respectively, will be provided by the USA.

Oil reserves in the OECD countries, according to the IEA, fell by 19.3 million barrels to 3 billion 21 million barrels in June due to increased refining and export of petroleum products, but they still remain at 219 million barrels above the average five-year level.

The agency notes that, according to preliminary data, the reserves continued to fall in July, including the strongest decline in the US over the past three years. -0

Oil Production in OPEC Rose to Maximum for 2017 in July

Baku/14.08.17/ Turan: The OPEC oil production rose by 230 thousand b / d in July to the maximum level since January - 32.84 million b / d, according to the report of the International Energy Agency (IEA).

The level of OPEC"s fulfillment of the oil production reduction contract fell to 75% in July from June"s 78%, and this index of non-OPEC decreased to 67%, according to IEA experts. -0