EAST WEST PIPELINE $2.5 BLN
Turkmenistan on Wednesday completed a pipeline that can ship gas from the world's second largest gas field to the West or, alternatively, boost eastbound shipments to China and, in future, to Pakistan and India.
The $2.5 billion East-West pipeline connects Galkynysh and other fields in the east of the country to its Caspian coast, from where a proposed Trans-Caspian link could deliver gas to Azerbaijan and then to Europe.
The Trans-Caspian pipeline (TCP) project, backed by the European Union, has so far remained on paper, partly due to disputes about the Caspian Sea's legal status and Turkmenistan's refusal to sign production-sharing agreements with foreign companies for major hydrocarbon deposits.
But President Kurbanguly Berdymukhamedov said on Wednesday that the availability of gas on Turkmenistan's western border could breathe new life into TCP.
"With the completion of East-West, cooperation with our European partners acquires new meaning," he said at the launch ceremony in the small town of Belek located close to the Caspian.
The 773-kilometre (483-mile) East-West link, which has a capacity of 30 billion cubic metres (bcm) a year, could also feed a proposed pipeline going along the coast through Kazakhstan to Russia.
However, the implementation of that project looks unlikely after Moscow, once Ashgabat's main customer, bought just 11 bcm of Turkmen gas in 2014 and will slash imports of the fuel to 4 bcm this year.
Another option is to use the new link to ship gas in the opposite direction. Western Turkmenistan, although not as rich in gas as the eastern regions, could eventually provide additional volumes for a pipeline that delivers 30 to 35 bcm of gas a year to China.
Turkmenistan this month started work on its part of a natural gas pipeline to Afghanistan, Pakistan and India (TAPI) which also originates near Galkynysh.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.