Oil reserves in Azerbaijan now total 2 billion t, while recoverable gas reserves are estimated at 2.2 trillion m3, according to the State Oil Company of Azerbaijan. The company hopes that these figures help demonstrate the nation’s increased energy security, while being symptomatic of the country’s transformation from gas importer to gas exporter.
The Iranian National Petrochemical Company has stated that it is ready to replace the Oman Oil Company (OOC) with another domestic or foreign company if it fails to meet a deadline to fulfill contractual obligations. A two month timeframe has been imposed, within which the OOC must complete construction on of the Hormoz urea and ammoniac production unit in Assalouyeh, southern Iran.
The US$ 800 million project would install a petrochemical unit that is projected to produce approximately 1 million tpy of ammoniac and 650 000 tpy of urea.
TNK-BP, a joint Russian venture between BP and a group of billionaires, has stated that it may shut the Lisichansk refinery in Ukraine. The refinery is said to be struggling to compete with cheaper oil products from neighboring Belarus.
The 160 000 bpd Ukraine refinery is at a disadvantage because it must pay more for the same Russian crude supplied to refineries in Belarus. Companies producing oil products in Belarus and Russia can beat those in Ukraine on price because they pay less tax. Russia lifted duties on oil exported to Belarus this year under a customs union.
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