Petronas and Socar agree to jointly develop oil block in Caspian Sea

By bne IntelliNews September 21, 2016

Azerbaijan's state-owned oil company Socar and Malaysian Petronas have signed a memorandum of understanding on the joint development of the Goshadash oil block in the Caspian Sea, Rigzone reported on September 19.

Petronas has maintained its interests abroad in Africa and Azerbaijan even as it has moved to cut thousands of jobs to cope with low oil prices. In Azerbaijan, the Malaysian oil giant took over Statoil's share in the Shah Deniz II gas project in 2014, paying $2.25bn for a 15.5% share in the project.

Meanwhile, Socar's president Rovnag Abdullayev announced that 80% of the offshore works on Shah Deniz II had been completed, according to an article in Azerbaijan's official state newspaper. 

Shah Deniz II is Azerbaijan's largest investment. The upstream part of the project requires investments worth $25bn, while a network of interrelated pipelines costing over $20bn will connect the offshore gas reserves to Europe. Works on the pipelines are also ongoing; the Trans Anatolian Pipeline (TANAP) is halfway completed, while the ground-breaking for the Trans Adriatic Pipeline took place in May. In addition, Azerbaijan is expanding a gas pipeline connecting it to Georgia and Turkey's north-eastern border. 

Related Articles

Azerbaijani central bank drops exchange rate corridor to float manat

Azerbaijan's central bank has dropped the 4% exchange rate corridor it imposed on commercial banks in order to allow the currency to float freely, the regulator said in an announcement on January 12. ... more

World Bank raises growth forecasts for Kazakhstan and Azerbaijan

The World Bank’s latest “Global Economic Prospects” report issued on January 10 offers a mixed picture when it comes to the GDP growth prospects of countries across Central Asia and the ... more

Trump seeks to shake off Caucasus deals before inauguration

The Trump Organisation, the business conglomerate run by US President-elect Donald Trump has cancelled a licencing deal for a Trump Tower in Baku and plans to do so for a similar agreement ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss