Chinese CNPC is among the shareholders of the North Caspian Operating Company (NOC) development the Kashagan field, reported Interfax-Kazakhstan.
At present the shareholders of the consortium are the following: AgipCaspian Sea B.V. — 16.81%, ExxonMobil Kazakhstan Inc. — 16.81%, Shell Kazakhstan Development B.V. — 16.81%, Total EP Kazakhstan — 16.81%, Inpex NorthCaspian Sea Ltd. — 7.56%, CNPC Kazakhstan B.V. – 8.33%. Through KMG Kashagan B.V. Kazakhstan has become the biggest partner of the NCOC – KMG Kashagan B.V. share increased from 16.81% to 16.88%.
On October 31, 2013 ConocoPhillips closed the deal on sale of its 8.4% share in development of the Kashagan field to the Kazakhstan national company KazMunaiGas (KMG) for approximately $5.4 billion.
KMG reported that the national company and its daughter company KMG Kashagan B.V. have concluded a purchase-sale contract, according to which the share purchased by KMG from ConocoPhillips will be bought by KMG Kashagan B.V. In addition, KMG Kashagan B.V. has concluded a contract on sale of 8.33% share in the PSA to CNPC Kazakhstan B.V. company.
$43 billion has been already invested into the project.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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