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Petroleum / Mining in Asia

  • KMG,CNPC agree on expansion of technical cooperation

    CHINA, 2014/12/17 Kazakhstan’s national oil and gas company KazMunaiGas (KMG) and the China National Petroleum Corporation (CNPC) will jointly work on increasing the oil recovery and utilization of the accompanying gas at fields in southern Kazakhstan. The agreement on the expansion of technical cooperation in the oil and gas sector between CNPC and KMG will serve as a basis for this. The agreement was inked in Astana next a conference of the Kazakhstan-China Business Council with the participation of heads of governments of the two nations. The document stipulates that the KMG and CNPC will expand technical cooperation in the oil and gas industry, inclunding in boosting the oil recovery of the oil fields in the ‘South Turgai’ basin in Kazakhstan.
  • Kazakhstan to launch projects in mining, metallurgical sector

    KAZAKHSTAN, 2014/12/06 Kazakhstan plans to implement over 30 investment projects in mining and metallurgical sector in 2015-2017. The plan was put forward in a letter from Kazakh Deputy Investment and Development Minister Yerzhan Sagadiyev to the participants of the 2nd Annual CIS Sustainable Mining Forum in Astana on December 2. "We plan to implement 31 investment projects worth 1.3 trillion tenges (180.87 tenges = $1) in mining and metallurgical sector until 2018," he said in his message.
  • Signing of MoU for the Setting Up of Oil Storage Terminals in Mauritius

    INDIA, 2014/12/06 A Memorandum of Considerate (MoU) was signed by the National Trading Corporation, the Indian Oil Corporation Ltd and the Mangalore Refinery and Petrochemicals Ltd on November 27 in Port Louis regarding participation in the setting up of oil storage terminals in Mauritius. The MoU was signed in the presence of the Minister of Industry, Commerce and Consumer Protection, Mr Cader Sayed-Hossen and the High Commissioner of India in Mauritius, Mr. Anup Kumar Mudgal.
  • Kazakh energy ministry denies gasoline price hike

    KAZAKHSTAN, 2014/12/05 Kazakhstan’s Initial Deputy Energy Minister Uzakbai Karabalin has rejected as baseless any reports on a possible increase of gasoline price up to 300 tenges (181.09 tenges = $1) per liter. “Of course, there may be some increase in the price but not so much,” he noted on December 3. The deputy minister as well said today a number of companies supply oil to the plants, inclunding KazMunaiGas, OzenMunaiGas, "MangistauMunaiGas, PetroKazakhstan and others. All they supplies necessary oil for processing.
  • Lukoil produces 25 bln cubic meters of gas in Uzbekistan

    UZBEKISTAN, 2014/11/19 Today, the volume of cumulative natural gas produced at the fields operated by Lukoil Uzbekistan stands at 25 billion cubic meters, the corporate newspaper of the company Lukoil Overseas said. Lukoil Uzbekistan is the operating company of Russian Lukoil company in the country. Currently, Lukoil is carrying out production in Uzbekistan at two arrangement areas – at the Hauzak-Shady field in Bukhara region and at the Hissar group of fields in Kashkadarya region. The ‘Kandym early gas’ project envisaging the development of Kuvachi-Alat and North Shady fields is being actively implemented.
  • Oil price fall not to significantly impact Kazakh economy

    KAZAKHSTAN, 2014/11/19 A decrease in the world oil prices expected by late 2014 will not have a significant impact on the Kazakh economy, the country’s National Economy Ministry told Trend Agency on November 17. "It should be stressed that despite the decline in oil prices in October, the average annual oil price amounted to $106.6 dollars per barrel in the initial nine months of this year,” the ministry said. “In case of further decrease in oil price up to $80 per barrel by late 2014, the average annual price will remain at $100 per barrel. The budgeted average annual price of $95 per barrel according to the updated estimate of the socio-economicdevelopment for 2014-2018 should be taken into account.”
  • TAPI member countries' state gas companies establish joint company

    AFGHANISTAN, 2014/11/14 The national gas companies of Turkmenistan, Afghanistan, Pakistan, and India have established a company that will be engaged in construction, owning and operation of the planned 1,800-kilometer Turkmenistan-Afghanistan-Pakistan-India gas pipeline, ADB said on November 13. “Establishment of the TAPI pipeline company is a key milestone in the development of the pipeline. It is a tangible sign of transformational cooperation part the parties that presages the enhanced energy security, business prospects, and in general peace and stability in the region promised by the pipeline,” Klaus Gerhaeusser, Director General of ADB’s Central and West Asia Department said. Turkmenistan’s Turkmengas National Concern, Afghan Gas Enterprise, Inter National Gas Systems (Private) Limited, and GAIL (India) Limited own equal shares of the company.
  • Kyrgyzstan, Turkmenistan's strategic partner in building gas pipeline to China

    CHINA, 2014/11/12 Turkmenistan views Kyrgyzstan as a strategic partner in the construction of a new gas pipeline to China, Turkmen President Gurbanguly Berdymukhamedov said next talks with his Kyrgyz counterpart Almazbek Atambayev, who is on a two-day official visit to Ashgabat, a source close to the negotiations told Trend Agency on November 11. "We view Kyrgyzstan as a strategic partner in the construction of a new pipeline route called Turkmenistan-Uzbekistan-Tajikistan-Kyrgyzstan-China," Berdymukhamedov noted.
  • OPEC revises forecasts for Kazakhstan’s oil production

    KAZAKHSTAN, 2014/11/08 OPEC has slightly decreased its before estimation of Kazakhstan’s oil production for 2014, 2015 and 2016, OPEC's newly published World Oil Outlook 2014 statement said. Kazakhstan's oil and NGL production is presently forecasted to remain at the level of 1.6 million barrels per day (bpd) in 2014, 2015 and 2016 as it was in 2013 with an increase to 1.9 million bpd in 2017, 2018 and 2019 in the reference case. Last year, OPEC forecasted that Kazakhstan's oil and NGL production will increase to 1.7 million bpd in 2014, to 1.8 million bpd in 2015 and to 1.9 million bpd in 2016-2018.
  • Kyrgyzstan to enforce regulation on coal prices

    KYRGYZSTAN, 2014/11/05 Kyrgyzstan will enforce a national regulation on coal prices in the country, Trend Agency reported on November 4 quoting the Kyrgyz government. The decree on application of the national regulation on coal prices in the Kyrgyz territory was signed by Prime Minister Joomart Otorbayev to monitor the prices in the market of production and sale of coal and to curb the increase of prices in the secondary market. The document as well envisages creation of a mechanism for national regulation of prices, which will be implemented in short terms. The ultimate level of coal prices will be determined for each region of the country, which will provide the people with fuel at reasonable prices during the heating season of 2014-2015.