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Baku. Audit meeting, reviewing the results of the work of oil and gas industry’s enterprises over the past seven months of 2017, was organized in Ashgabat. At the meeting reports on the promotion of several major investment projects, the construction of a gas chemical complex for the ...

Moscow. The United Arab Emirates’ (UAE) Mubadala investment fund is interested in acquiring a stake in Russian oilfield servicing company Eurasia Drilling Company (EDC). Natural Resources and Environment Minister Sergei Donskoi said on Thursday confirming earlier media reports. ...

Moscow. Russia’s top oil producer Rosneft keeps plans to build a bitumen plant in the republic of Chechnya and is working on the project documentation, the company's press service reported. "The company has not abandoned plans for the construction of bitumen production on the ...

Singapore. Oil prices dipped on Friday as part of a broad-based selloff across markets and despite signs that crude markets are gradually tightening. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50. 99 per barrel at 0520 GMT, down 4 cents from their last ...

Moscow. Gazprom scaled up natural gas deliveries to prospective gas consumers of the Turkish Stream pipeline project from January 1 to August 15, 2017, the Russian gas holding said on Thursday. In particular, Russian natural gas deliveries are growing in destinations of Turkey, South and ...

Moscow. Russia and Bolivia have good prospects for developing cooperation in the energy sector. Russian Foreign Minister Sergey Lavrov said it after talks with his Bolivian counterpart Fernando Huanacuni Mamani, TASS reports. "We have confirmed the focus of our countries on the ...

Baku. Turkey’s Energy Market Regulatory Authority (EPDK) has issued four more licenses to SOCAR Turkey Enerji A. S. (subsidiary of Azerbaijan’s state oil company SOCAR). The EPDK issued SOCAR Turkey Enerji a license for LPG (liquefied petroleum gas) storage for the period of 15 ...

Moscow. NIS, the Serbian unit of Russian oil major Gazprom Neft, plans to raise its stake in local petrochemical producer HIP Petrohemija to slightly less than 21% from 12. 45% currently over the next six months. A spokesperson for the company told PRIME on Wednesday. “As a minority ...

Singapore. Oil prices edged up early on Thursday, clawing back some ground after losses in the previous session. Traders said the market was range-bound as falling crude inventories provided price support while high output was capping gains. Brent crude futures, LCOc1 the international ...

London. When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts ...

Baku. Oil prices edged up on Wednesday, lifted by declining U. S. crude inventories, although markets were still restrained by general oversupply. Market focus was turning to the release of official U. S. Energy Information Administration data later on Wednesday for a further update on ...

Baku. Azerbaijan’s state oil company SOCAR is carrying out reconstruction work related to the plans of drilling eight additional wells of the platform No. 5 at the Gunashli field in the Caspian Sea, SOCAR said in a message posted on its website Aug. 15. According to the message, the ...

Vienna. The next meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) will be held in Vienna in September, a source in OPEC told TASS. "The exact date is yet to be set, but it will be in September, in Vienna, " the official said. He explained that the date ...

Baku. Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Benchmark Brent crude LCOc1 was down 30 cents at $50. 43 a barrel by 1050 GMT. U. S. light crude CLc1 was ...

Baku. BP, operator of the Shah Deniz field development project, said in a message Aug. 15 that as part of its annual work programme, the company will implement planned maintenance (turnaround - TAR) on the Shah Deniz platform in the Caspian Sea, the Shah Deniz facility inside Sangachal ...

Baku. Azerbaijan’s state oil company SOCAR will additionally produce more than 5, 100 tons of oil annually through the commissioning of a new well at the Oil Rocks offshore field, SOCAR said in a message Aug. 14. Fourteen tons of oil is extracted per day from the depth of 1, 219-1, ...

Moscow. Russian oil major LUKOIL allocated about $1 bln of investments to increase its share on the retail fuel market of Turkey but does not plan to expand operations in the country in coming 3-4 years, Senior Vice President of the company Vadim Vorobyov said on Monday in an interview with the ...

Riyadh. There will be a strong case to extend the output cut deal if oil inventories do not come close to the five-year average by the end of March, Abhishek Kumar, senior energy and modelling analyst at Interfax Energy's Global Gas Analytics (GGA), told Trend. “However, Saudi ...