The Azerbaijani state oil company SOCAR plans to sign a new contract on the development of the Umid-Babek block of gas fields in the Caspian Sea by late 2016 to raise funds from international institutions and companies, Rovnag Abdullayev, SOCAR head, reported. “In general, the work is underway at the Umid field”, he said. “Drilling…Details
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As of September 15, Russian agrarians continued harvesting grains and pulses. Agrarians harvested grain crops throughout the general areas of 38.5 million ha (on the same date in 2015 – 34 million ha), or 81.4% of the planned areas (47.3 million ha). The produced volumes reached 103.2 million tons of grains, with the average yield…Details
In July 2015/2016 MY Russia exported 0.8 KMT of sunflower against 11.5 KMT in the previous month and 1.3 KMT in July 2015. Since the beginning of 2015/2016 (September-July) Russian exporters shipped 60.2 KMT of sunflower, up 1.5 times YoY. More than 50% of all exports were shipped to Turkey. Share of Iran and Azerbaijan…Details
Azerbaijan’s state oil company SOCAR and Malaysia’s Petronas signed a memorandum of understanding on exploration, development and production of hydrocarbons at a block in the prospective offshore structure Goshadash, SOCAR said in a message. The Goshadash structure is located in the North-Western part of the Absheron archipelago in the Azerbaijani sector of the Caspian Sea.…Details
Russian oil major Lukoil may invest approximately $7.5-8 billion in 2017 and around $100 billion over the next 10 years, the company’s president Vagit Alekperov said. “Investments of $8-10 billion per year are the level that allows us to fulfill our obligations – pay dividends in accordance with the company’s policy, taxes and decent wages…Details
French company Total may start drilling the first well at the Azerbaijani gas field Absheron in mid-2017, Rovnag Abdullayev, head of the Azerbaijani state oil company SOCAR, reported. He added that the drilling operations would be carried out from a new generation platform, being built by SOCAR. Abdullayev said the sides continued to actively work…Details
In January-August the production volumes of crude sunflower oil and its fractions in Russia totaled 2.4 million tons, up by 10.6% YoY, the Federal State Statistics Service (Rosstat) declared. At the same time, the production of wheat and wheat-rye flour decreased by 0.5%, to 5.7 million tons. (APK-Inform/Business World Magazine)Details