Oil & gas news

SOCAR announces tender

SOCAR has announced an open tender for procurement of equipment for well mouth gusher steel bars and remotely operated well covering valves at its own expenses. The first lot envisions four sets of gusher bars, while the second allows for four sets of inside-well complex equipment.

Bidders may turn to the marketing and imports division of the SOCAR Foreign Economic Relations Department. Paying $200 on each lot and 18% in VAT, bidders may receive a list of main requirements for the tender.

The bids should be accompanied with a security bid totaling $50,000 for each lot. The bids are welcome before June 3, 2002 and the evaluation will prefer better production prices, shipment dates and payment terms.

Oil Fund is AZM2 trln rich

Revenues of the Azerbaijan State Oil Fund constituted AZM226 billion 755.7 million, while expenses made up AZM4 billion 457.2 million in the first quarter of this year, the Fund reported Friday.

The Oil Fund had financial resources totaling AZM2 trillion 593 billion 786 million or $537.6 million as of April 1, 2002.

SOCAR resumes oil pumping

SOCAR resumed pumping oil through the Baku-Novorossiysk pipeline Tuesday following the suspension of three days because of technical defects in the Azeri part of the pipeline.

SOCAR is to export 245,000 tons of oil via the pipe as scheduled in April. 868,012 tons has been exported this year.

New boss for Venezuela's oil giant

The former Venezuelan energy minister, Ali Rodriguez, has been appointed chief executive of the state-owned oil company, Petroleos de Venezuela, which was at the centre of a dispute that sparked a failed coup against President Hugo Chavez last week.

Mr Rodriguez is also the Secretary General of the Organisation of Petroleum Exporting Countries, Opec.

His appointment follows the resignation of the company's previous management - they quit over what they saw as Mr Chavez's attempts to install his own supporters in key positions.

SOCAR's property to be considered in Moscow

Vice-president of SOCAR Ahmad Zeynalov will be visiting Moscow on April 24-26 to hold negotiations with the Russian government and the Ministry of Fuel and Energy to discuss SOCAR's property in Astrakhan.

The shipping yard in Astrakhan manufactured block modules and other equipment necessary for oil production under Azerbaijan's order back in the Soviet times. The equipment was arrested following the collapse of the Soviet Union. The Russian government decided to recover some of the modules to Azerbaijan last year, while part of them is still kept in Astrakhan.