The Azerbaijani government has given the formal go-ahead to the next stage of a major oil production agreement with an international oil consortium led by the British oil company, BP. The head of Azerbaijan's state oil company SOCAR signed the agreement, allowing the consortium to increase production at the three offshore oil fields - Chirag, Azeri and Guneshli - it operates.
20 October 2001 , 16:231250
China and Taiwan might soon sign a contract to explore for oil in the Taiwan Strait, officials have said. It would the first substantial joint venture between state-run firms from China and Taiwan, which the government in Beijing views as a rebel province.
20 October 2001 , 16:211178
China?s No.2 and No. 3 oil giants announced Monday that they registered huge profits due to sales increases and cost-cutting efforts, Tuesday?s China Daily reports. China Petroleum and Chemical Corp.
20 October 2001 , 16:05436
In an unusually blunt approach, the World Bank has warned Georgia that it will lose all financial assistance if it does not negotiate higher tariffs on a proposed gas pipeline from the Caspian through Georgia to Turkey.
20 October 2001 , 16:031226
China Petroleum and Chemical Corp (Sinopec) looks to boost its ability to dominate the natural gas arena with the looming acquisition of China's fourth largest domestic oil company and a potential investment in the country's major gas highway currently under construction.
20 October 2001 , 16:001120
The United States today threw its weight behind a British proposal to tighten procedures for pricing Iraqi oil, raising prospects for a new clash with Baghdad at the United Nations. Iraq and Russia, its chief ally on the U.
20 October 2001 , 15:52934
Marathon Oil Company, part of the USX-Marathon Group (NYSE: MRO) and a unit of USX Corporation, and YUKOS Oil Company (RTS:YUKO), the second largest Russian oil company, announced today their plans to develop a strategic alliance.
20 October 2001 , 15:481009
LUKoil Has Filed a Claim in Russian Courts - Seeking A Ruling That the Verkhotina Agreement Is Void Timothy J. Haddon, CEO and President of Archangel Diamond Corporation (the "Corporation") announced that it has become aware that open joint stock company LUKoil, the largest oil company in Russia and one of the largest oil companies in the world, filed a claim before the Russian courts, seeking a ruling that the Verkhotina Agreement, which was signed on July 15, 1999 between LUKoil's subsidiary, Arkhangelskgeoldobycha ("AGD"), and the Corporation is void, meaning it is of no legal force or effect.
20 October 2001 , 15:431478
Iranian President Mohammad Khatami expressed hope Thursday for a "collective agreement" on the Caspian sea's legal regime at the upcoming five-nation summit in Turkmenistan, the state IRNA news agency said.
20 October 2001 , 15:39504
Russia, abundant in oil and natural gas resources, has shown interest in meeting China's sharply rising demand for petroleum products, the state media has reported. China's enormous demand for oil provides a big market for Russia, which possesses 13 per cent of the total oil reserves and 45 per cent of the natural gas reserves in the world, Deputy head of the Research Institute of the National Economic Forecast under the Russian Academy of Science, Alexander Nekrasov said.
20 October 2001 , 15:34511
Iraq warned Russia's top integrated oil company on Thursday that it risked losing contracts to develop huge oil reserves by failing to implement them. Deputy Oil Minister Faiz Shaheen said OAO Lukoil, partly owned by the Russian government, had signed contracts to exploit the giant West Qurna deposit and other fields in southern Iraq in 1997.
20 October 2001 , 15:22702
Russia's leading oil producer LUKoil has bought out foreign investors in three oil-producing joint ventures in northwestern Russia in the past few weeks. Taken together, the deals are worth about $168.
20 October 2001 , 15:211518
Russia's Finance Ministry and gas giant Gazprom are in consultations with the Chinese authorities on using some Chinese debt to Russia to finance a gas pipeline, Gazprom said on Monday. ``Chinese debt to Russia, including for armaments' supplies, could be used to finance the project,'' Bogdan Budzulyak, a Gazprom management committee member, told reporters.
20 October 2001 , 15:19951
Second biggest Russian oil producer Yukos said on Friday it had signed a co-operation agreement with gas trader Itera. The agreement on output, transportation and marketing of natural gas concerns potential fields in Siberia.
20 October 2001 , 15:121502
Iran and Azerbaijan have expressed readiness to hold regular negotiations to remove their misunderstandings on Caspian issues, Iran's official IRNA news agency reported on Friday. In a phone conversation with his Azeri counterpart Vilayat Guliyev Thursday night, Iranian Foreign Minister Kamal Kharazi reiterated the need to find a suitable solution accepted by all the coastal states to the issue of the legal status of the Caspian Sea.
20 October 2001 , 15:06516
The European Commission on Monday hailed the construction of a 300km oil pipeline in Ukraine as a crucial step in reducing Europe's dependence on North Sea oil. The pipeline from Odessa to Brody, which was officially opened on Sunday, links up with existing infrastructure to supply Slovakia and central Europe with oil from the Caspian region.
20 October 2001 , 14:57932
Text of report by Azerbaijani news agency Turan Baku, 22 August: Thirty five per cent of natural gas from the Azerbaijani gas and transportation system is used to cover the needs of the energy producers, the head of the Azariqaznaql [Azerbaijani gas transportation] department, Nazim Samadzada, told journalists.
20 October 2001 , 14:55425
The Russian operators of an oil tanker implicated in a deadly collision with a U.S. fishing boat want their ship released from Canadian waters as civil lawsuits continue to pile up in the United States and Canada.
20 October 2001 , 14:541025
The main unit of No. 2 Russian oil firm Yukos will keep exports at a maximum while crude prices are high but could cut output if prices eased, according to its head. Tagirzyan Gilmanov, head of Yuganskneftegaz in Western Siberia's Khanti-Mansiisk region, said his company had fields that could be idled if oil prices fell outside the target $22-to-$28-a-barrel range favored by the Organization of Petroleum Exporting Countries.
20 October 2001 , 14:411082
Oil production in Russia in January - July amounted to 191,556,000 tonnes, up 7.3 per cent from the same period in 2000. According to the Russian State Statistics Committee, production in July amounted to 29,046,000 tonnes of oil, up 9.
20 October 2001 , 14:36453