NEFTE Compass articles from April 2002

NEFTE Compass archives from April 2002

Taming the shrew: Majors pile pressure on independents to sell up.(Brief Article)
April 4, 2002... A vicious onslaught against independent oil companies in Russia is gathering steam as the country's majors proceed to consolidate the industry in their hands. In the latest example, White Nights, a 15,000 barrel per day producer owned by...

Lifting the veil: Russians in the hunt for more Iraqi barrels.(Brief Article)
April 4, 2002... A huge Russian delegation visited Iraq this week eager to build on Russia's domination of exports under the UN oil-for-food program. Though difficult to track down in the murk, the Russian contracts signed with Iraq in the current...

March showers: Crude pours out in March. (Russia).(Brief Article)(Statistical Data Included)
April 4, 2002... Russian crude exports continued rising in March, with crude shipments via the Transneft pipeline system hitting 2.73 million b/d (11.563 million metric tons), up 5% on the previous two months, as well as on March 2001. First-quarter crude...

Pacific time: Transneft presents Pacific pipeline. (Russia).(Brief Article)
April 4, 2002... National pipeline operator Transneft has presented blueprints for a $5 billion project to build a 4,000 km pipeline to the Pacific Ocean to transport 50 million metric tons per year (1 million b/d) of crude to Asian markets. The planned...

Board games: Interros lands Rusia board seats. (Russia).(Interros Group, Rusia Petroleum)(Brief Article)
April 4, 2002... Vladimir Potanin's Interros Group has finally secured board representation at Rusia Petroleum, after having resolved a yearlong feud with Tyumen Oil Co. (TN K). Rusia shareholders elected a new nine-member board at the company's Mar. 28...

Sale away: State moves ahead with selloffs. (Russia).(Brief Article)
April 4, 2002... The government has confirmed its intention to sell a 5.9% stake in Russia's largest oil company Lukoil and a 19.68% stake in Russia-Belarus joint venture Slavneft this year. According to First Deputy State Property Minister Alexander...

Go West: Technology fuels Surgut growth. (Russia).(Surgutneftegaz)(Brief Article)
April 4, 2002... Russia's most conservative oil major Surgutneftegas is now following in the footsteps of Yukos and Sibneft by using Western technologies to increase crude production. Unlike other Russian majors hat employ service companies like...

Active service: Gazprom signs Schlumberger alliance. (Russia).(Brief Article)
April 4, 2002... Following in the footsteps of Russian oil majors in a move that would have been unthinkable under Gazprom's former, the natural gas monopoly has signed a memorandum of understanding with international service company Schlumberger to form a...

Russian Natural Gas Exports.(Brief Article)(Illustration)(Statistical Data Included)
April 4, 2002... Russian Natural Gas Exports (Bcm) Feb.'02 Jan.'02 Feb.'01 Austria 0.5 0.5 0.4 Bosnia 0.02 0.03 0.02 Bulgaria 0.2 0.4 0.3 Croatia 0.1 0.1 0.1 Czech...

Double barrel: CPC plans capacity boost. (Russia).(Caspian Pipeline Consortium)(Brief Article)
April 4, 2002... The Caspian Pipeline Consortium (CPC) has signaled its intent to more than double capacity by early next decade to 67 million metric tons per year (1.34 million barrels per day), just as the rival Baku-Tbilisi-Ceyhan (BTC) oil pipeline from...

Tat's a downer: Tatneft shelves ADR plans. (Finance).(postpones issuing level-3 American Depository Receipts; to bid for Ukrtatnafta)(Brief Article)
April 4, 2002... Tatneft has dealt a blow to investor confidence, with a board decision to indefinitely put off discussions of issuing level-3 American Depository Receipts. The move came as a disappointment to investors, who had hoped the move would increase...

Scratch 'N' sniff: Gazprom claws back Purgas. (Finance).(Brief Article)
April 4, 2002... Natural gas monopoly Gazprom is making further progress in regaining control over assets that were stripped away under its previous management. It has clawed back control over Purgas from trader Itera, after having strengthened its grip over...

Equities. (Finance).(Russia)(Brief Article)
April 4, 2002... Equities Share Prices Closing On April 2, 2002 ($/Share) Locally Closing Change From 12 Months Traded Shares Price Mar. 26, 2002 High Low Bashneft 2.97 ...

Currencies. (Finance).(tabular information only)(Brief Article)(Statistical Data Included)
April 4, 2002... Currencies US Dollar Exchange Rates Apr.3'02 Mar.27'02 Former Soviet Union Russian ruble 31.17 31.13 Armenian dram 577.56 575.12 Azerbaijani manat 4,828 4,827...

Georgia: Chanturia says Azeri gas will guarantee stability. (Republics).(to take delivery of gas from Azerbaijan )
April 4, 2002... A final sales and purchase agreement for Georgia to take delivery of gas from Azerbaijan should be hammered out by the end of April, says Giorgi Chanturia, president of state-owned Georgian International Oil Corp. The main thrust of the...

Druzhba dance: Traders sharpen prices to keep pipeline exports competitive. (East Europe).
April 4, 2002... East European buyers of Russian crude exported via the Druzhba pipeline are having to improve their pricing terms because of increasingly razor-sharp competition between pipeline deliveries and seaborne shipments from Russia. Uncertainty has...

Latvia: Retailer scales back terminal plans. (Republics).(Brief Article)
April 4, 2002... Local retailer Dinaz Nafta has scaled back its plans to build an oil products terminal near Riga, meant to rival Latvia's principal port of Ventspils. The company has cut in half the planned capacity of the terminal to 5 million-6 million...

Kazakstan: Parker brilling wins tax dispute. (Republics).(Brief Article)
April 4, 2002... In a confidence boost for foreign investors, the Kazak Supreme Court has ruled in favor of a local subsidiary of US Parker Drilling on all the issues which were the basis of a $29 million tax assessment by the Ministry of State Revenues. ...

Russian Crude Exports To Non-CIS Markets, March 2002. (Russia).(tabular information only)(Statistical Data Included)
April 4, 2002... Russian Crude Exports To Non-CIS Markets, March 2002 Novo Taupse Odessa Ventspils GRAND TOTAL (*) 3,812 480 1,039 1,302 TOTAL FOR RUSSIA (*) ...

Crude oil: Mideast tensions push prices to six-month highs. (Markets).(Brief Article)(Statistical Data Included)
April 4, 2002... Increasing tension in the Middle East took precedence over bearish inventory reports from the US, and crude oil futures firmed sharply to new six-month highs. Although signs of fundamental support are emerging, most of the current strength is...

Products: Gas oil gets a lift with futures. (Markets).(Brief Article)(Statistical Data Included)
April 4, 2002... Russian gas oh prices enjoyed a wild ride up on the back of rising futures, though the physical cargoes are still sailing into saturated markets. Differentials climbed in the north but fell in the south. The Baltic Sea ports did not dish...

Marketplace.(tabular information only)(Brief Article)(Statistical Data Included)
April 4, 2002... Marketplace Spot Crude Oil Prices $/barrel f.o.b. terminal, or c.i.f. destination Apr. 3'02 Mar. 27'02 Chg. Dated Brent f.o.b. (38 API) 26.75 25.10 1.65 Russian Urals c.i.f. NWE...

Iraqi oil ban plays into Russia's hands. (Silver Lining).(Brief Article)(Statistical Data Included)
April 11, 2002... Russian Energy Ministry officials toiled through the night to draft plans on opening the gates for extra Russian crude exports after Iraq announced on Apr. 8 that it was suspending its exports for 30 days in solidarity with Palestinian...

Deadline looms for investors to join Baku-Ceyhan pipeline. (Copper Bottom).(Brief Article)
April 11, 2002... The last tickets for the Baku-Tbilisi-Ceyhan oil pipeline are selling out fast. Azerbaijan's state oil company Socar has assigned a 20% block of shares in the $2.9 billion BTC pipeline to existing shareholders, and given notice that if any...

Williams clinches Yukos deal as TNK enters the fray. (Lithuanian Breakthrough).(Brief Article)(Statistical Data Included)
April 11, 2002... US Williams has made a breakthrough in Lithuania, by finalizing its deal with Russian oil giant Yukos to buy into Mazeikiu Nafta (MN). But a dark cloud hangs over the deal for Yukos, as its Russian rival Access Industries, a co-owner of Tyumen...

Russia boosted products exports in March. (Long March).(Brief Article)(Statistical Data Included)
April 11, 2002... As Russia maintains some semblance of cuffing crude exports to please Opec, it has ramped up oil products exports instead to keep up the net outflow. Predictably, the greatest volume increase was of fuel oil exports -- which have kicked...

Slavneft president gets marching orders. (The Boot).(Brief Article)(Statistical Data Included)
April 11, 2002... Management reshuffles at state-owned Slavneft reached a peak on Apr. 5 when the Russian government called a board meeting to decide on a date for a shareholders meeting to replace Slavneft president Mikhail Gutseriev (NC Apr. 4,p4). With a 75%...

Lukoil signs deal in Colombia. (Colombian Roast).(Brief Article)(Statistical Data Included)
April 11, 2002... In a further move to establish a foothold in Latin America, Russia's Lukoil has signed an agreement with Colombian state oil company Ecopetrol to carry out exploration and production from the Condor contract area. The Russian company has...

Lukoil duo sole bidder for Greek refiner. (One and Only).(Brief Article)(Statistical Data Included)
April 11, 2002... Lukoil and Greece's Latsis Group have submitted the only binding for a 23% state stake in Greek refiner Hellenic Petroleum. The Greek government is expected to announce its final verdict on the sale by the end of April. Austria's OMV has...

Lukoil halves Timan-Pechora investments. (Half and Half).(petroleum industry, Russia)(Brief Article)(Statistical Data Included)
April 11, 2002... Lukoil is scaling back its plans to dominate the northern Timan-Pechora oil province, by slashing in half its planned investments in the Komi republic. Lukoil president Vagit Alekperov says the oil major will cut its spending in the Komi...

Surgut pursues Kirishi upgrade. (Cracker Jacks).(Surgutneftegaz Joint Stock Co. finances 100,000 b/d hydrocracker)(Brief Article)(Statistical Data Included)
April 11, 2002... Surgutneftegas is pressing ahead with its $1.4 billion project to upgrade its Kirishi refinery, by budgeting 11.6 billion rubles ($373 million) this year to purchase equipment for a 100,000 b/d hydrocracker. The unit, which is set for...

Rosneft gets reduced PSA role. (Downer).(production sharing agreement)(Brief Article)(Statistical Data Included)
April 11, 2002... Rosneft has struck a major disappointment, when it received a much smaller-than-expected role as the state's authorized agent in the production sharing agreement (PSA) projects. The state-owned oil company signed an agreement with the Ministry...

Iraq trades projects for political support. (True Romance).(Brief Article)(Statistical Data Included)
April 11, 2002... In exchange for the privileged treatment given by Iraq to Russian companies, Baghdad has asked Moscow to use its veto right in the UN Security Council to block any decision aimed against Iraq. "We have never asked Russia to send troops to...

Yukos buries the hatchet with TNK. (Peace Pipe).(Brief Article)(Statistical Data Included)
April 11, 2002... Yukos and Tyumen Oil Co. (TNK) are getting ready to end a yearlong feud over disputed assets. Yukos now looks set to scoop up a 36.8% stake in its subsidiary the Eastern Oil Company (VNK), allowing it to finally complete its upstream...

Equities: Share Prices Closing On April 9, 2002 ($/Share). (Finance).(Brief Article)(Statistical Data Included)
April 11, 2002... Equities Share Prices Closing On April 9, 2002 ($/Share) Closing Change From 12 Months Price Apr. 2, 2002 High Low Locally Traded Shares Bashneft ...

Currencies. (Finance).(Brief Article)
April 11, 2002... Currencies US Dollar Exchange Rates Apr.10'02 Apr.3'02 Former Soviet Union Russian ruble 31.16 31.17 Armenian dram 578.28 577.56 Azerbaijani manat 4,833 ...

Nazarbaev comes clean on secret oil fund. (Kazakstan).(Brief Article)(Statistical Data Included)
April 11, 2002... In an unprecedented move, the government of Kazakstan has revealed the existence of a secret overseas "fund" set up in 1996 on the orders of President Nursultan Nazarbaev to handle the $1.1 billion that Mobil paid that year for a 25% stake in...

Fifth Kashagan well to be spudded by May. (Kazakstan).(Agip KCO to drill offshore oil wells)(Brief Article)
April 11, 2002... Drilling of the fifth well on the offshore Kashagan field is due to start imminently, operator Agip KCO says. The well, Kashagan East-4, will be the first to be drilled from a specially built island in the north Caspian, using a land rig...

Chevron claims first Primorsk shipment. (Kazakstan).(ChevronTexaco Corp. contracts Karazhanbasmunai)(Brief Article)(Statistical Data Included)
April 11, 2002... Chevron Texaco is teaming up with independent producer Karazhanbasmunai to load the first cargo of Kazak crude out of Russia's new Baltic port of Primorsk in April. A 740,000 bbl (101,000 metric ton) parcel will be equally split between...

The EIG Top 100: Ranking the World's Oil Companies, 2002. (Republics).(Energy Intelligence Group)(Brief Article)(Statistical Data Included)
April 11, 2002... Energy Intelligence Group is pleased to announce the 8th edition of The EIG Top 100: Ranking the World's Oil Companies. The EIG Top 100 has been acknowledged as the only comprehensive summary of data on the private sector majors and the most...

Russian refinery activity, February 2002. (Russia).(petroleum industry)(Illustration)(Statistical Data Included)
April 11, 2002... Russian Refinery Activity, February 2002 Processing Year To Date February ('000 b/d) ('000 tons) ('000 b/d) Bashneftekhim ...

Iraqi Embargo sends prices on a roller-coaster. (Crude Oil).(petroleum industry)(Brief Article)(Statistical Data Included)
April 11, 2002... Crude oil prices yo-yoed wildly in a $2.85/bbl range as headlines about the Middle East and the announcement of an Iraqi oil embargo against the West dominated the beginning of the week. Brent futures soared to $28.15 before a partial...

Prices come off in the North, firm in the South. (Products).(petroleum industry)(Brief Article)(Statistical Data Included)
April 11, 2002... Crashing values on the screen brought down outright prices in Northwest Europe, the effect worsened by softening differentials. However, the fall was reversed in the Mediterranean, where differentials rocketed and left cash values stronger on...

Marketplace. (Markets).(crude oil prices, Russia)(Brief Article)(Illustration)(Statistical Data Included)
April 11, 2002... Spot Crude Oil Prices $/barrel f.o.b. terminal, or c.i.f. destination Apr. 10'02 Apr. 3'02 Chg. Dated Brent f.o.b. (38 API) 25.05 26.75 -1.70 Russian Urals...

BP and Shell Bite deeper into Russia. (Taking Stock).(Brief Article)
April 18, 2002... Russia is back in vogue with Western majors, with BP and Royal Dutch/Shell moving to increase their participation in the country's oil sector. BP announced on Apr. 15 that it had increased its shareholding in Russian producer Sidanco to...

Kazak independent guns for offshore riches. (Splashing Out).(Kazakhstan)(Brief Article)
April 18, 2002... Nelson Resources, a Calgary-registered independent with impeccable Kazak connections, is starting to make a splash in the Caspian. The company, which is part-owned by Timur Kulibaev, the son-in-law of President Nursultan Nazarbaev, has...

Total seeks new projects. (Russia: Comme Il Faut).(TotalFinaElf)(Brief Article)
April 18, 2002... Russia and its natural gas monopoly have become the flavor of the day. Following suit of other world majors, Total Fina Elf is looking for new opportunities in Russia and is seeking closer cooperation with Gazprom (see page 1). Total was...

Criminal probe against Butov. (Russia: Gumshoe).(Vladimir Butov)(Brief Article)
April 18, 2002... Vladimir Butov, the feisty governor of the Nenets autonomous district in Timan-Pechora, has come under the headlights of the Interior Ministry, whose local branch has launched a criminal investigation against him. The Federal General...

MVK to revise second quarter balance. (Russia: Deja Vu).(Brief Article)(Statistical Data Included)
April 18, 2002... The MVK interdepartmental commission on access to export pipelines is not yet ready to revise the second-quarter crude export quotas, but it is fully determined to impose greater transparency into the way export rights are allocated. The...

Iraqi deals face delays. (Russia: Blockstoppers).(petroleum exports and pipeline construction)(Brief Article)
April 18, 2002... Russia's long-term cooperation agreement worth $40 billion in contracts to develop Iraqi oil fields is now threatened with delays due to tensions in the Middle East. The 10-year deal encompassing 67 investment projects was to be signed by the...

Crown moves into bunkering. (Russia: Archie Bunker).(Crown Resources)(Brief Article)
April 18, 2002... In its search to carve out a new niche for itself as it becomes increasingly cut off from its former patron, Tyumen Oil Co. (TNK), Swiss-registered trader Crown Resources is getting into the bunkering business. Crown is reportedly in the...

Lukoil reevaluates downstream operations. (Russia: Turnabout).(Brief Article)
April 18, 2002... Lukoil is reevaluating its downstream programs: The oil major is closing down its Petrotel processing plant in Romania and is bringing to a halt its crude deliveries to the Moscow refinery. The move lies within Lukoil's new strategy to slim...

Petrosakh awards Sakhalin contract. (Russia: Island Chiefs).(Sakhalin Island)(Brief Article)
April 18, 2002... Alfa Eco subsidiary Petrosakh has awarded a tender to Norwegian PGS and local exploration outfit Dalmorneftegeophisika to carry out 3-D seismic work on the Sakhalin-6 tender offshore zone. The two companies are expected to complete most of...

Transneft seeks credits. (Russia: Pipe Dreams).(new head of corporate finance selected)(Brief Article)
April 18, 2002... In a bid to attract financing, national pipeline operator Transneft has hired its first-ever foreigner. It recruited a new head of corporate finance, Richard Stron, who previously worked for PricewaterhouseCoopers in London. After having...

Exxon outlines Sakhalin-1 gas scheme. (Russia: East Line).(Exxon Mobil Corp.)(Brief Article)
April 18, 2002... Exxon Mobil expects to make a final decision on a scheme to market gas from its Far Eastern Sakhalin-1 project by the end of June, the company tells EIG. The size and configuration of the proposed pipeline to Japan will depend on the...

All-Russian affair leaves door open for outsiders. (Russia: Go-It-Alone).(joint venture financing)(Brief Article)
April 18, 2002... Gazprom and Rosneft may have set up the Sevmorneftegas joint venture to launch an all-Russian campaign to kickstart delayed upstream projects such as the Prirazlomnoye field, but they have not ruled out a role for foreign investors. ...

Stroitransgas spuds second well. (Russia: Drill Bits).(Brief Article)
April 18, 2002... Oil and gas pipeline construction company Stroitransgas is getting ready to spud its second exploration well this May at the North Astrakhan oil and gas field in the north Caspian region. Italy's ENI will provide financing. The $30 million...

Gazprom places $500 million Eurobonds. (Finance: First Place).(Gazprom Russian Joint Stock Co.)(Brief Article)
April 18, 2002... Russian natural gas monopoly Gazprom has sold its first-ever eurobonds, with a face value of $500 million. The five-year paper carries a coupon of 9.125%, and was placed last week by a syndicate of Russian and foreign banks. Credit Suisse...

Gazprom installs management at Sibur. (Finance: Installation).(Gazprom Russian Joint Stock Co.)(Siberian-Urals Petrochemical and Gas Co.)(Brief Article)
April 18, 2002... Natural gas monopoly Gazprom voted to install external management at Sibur at the petrochemicals holding's first creditors meeting on Apr. 15. The creditors recommended that the court install external management at Sibur for a period of...

Equities. (Finance).(Statistical Data Included)(Brief Article)
April 18, 2002... Equities Share Prices Closing On April 16, 2002 ($/Share) Closing Change From 12 Months Locally Traded Shares Price Apr. 9, 2002 High Low Bashneft 2.83 ...

Currencies. (Finance).(Brief Article)(Statistical Data Included)
April 18, 2002... Currencies Former Soviet Union US Dollar Exchange Rates Apr.17'02 Apr.10'02 Russian ruble 31.14 31.16 Armenian dram 577.76 578.28 Azerbaijani manat 4,837 4,833...

Karazhanbas expands into Azerbaijan. (Republics: Kazakstan).(Karazhanbasmunai)(Brief Article)(Statistical Data Included)
April 18, 2002... Despite having one of its principal shareholders, Indonesian magnate Hashim Djojohadikusumo, awaiting trial in Jakarta, independent producer Karazhanbasmunai (KBN) is pushing ahead with expansion plans. As it moves towards its target to raise...

Klaipeda terminal presses for higher tariffs. (Republics: Lithuania).(Klaipedos Nafta, petroleum products)(Brief Article)(Statistical Data Included)
April 18, 2002... Headed by new general director Urgis Aushra and backed by the new Lithuanian government, the Klaipedos Nafta (KN) oil products export terminal is making another attempt to pressure Mazeikiu Nafta (MN), which is operated by US-based Williams, to...

Refiners hit by Russian competition. (Republics: Kazakstan).(petroleum refinery production, March 2002, Kazakhstan)(Brief Article)(Illustration)(Statistical Data Included)
April 18, 2002... Kazak refining activity slowed in March to 124,800 b/d (527,700 metric tons), down 12% from the previous month and 25,000 b/d less than in the same period last year (NC Apr. 12 '01,p9). Kazak officials say the drop was caused by the higher...

Riders roam the pipeline range. (Republics/East Europe: Hunting Pink).(security measures for Caspian Pipeline Consortium's Kazakhstan through Russia route)(Brief Article)(Statistical Data Included)
April 18, 2002... Georgian farmers have been given horses and pink jackets to help police the oil pipeline from Baku to the Black Sea port of Supsa, but while this has been a success, security is a major problem for the Caspian Pipeline Consortium (CPC) route...

Gazprom shakes out senior staff. (Republics/East Europe: Hungary).(Brief Article)
April 18, 2002... Mikhail Rakhimkulov, Gazprom's top representative in Hungary, stepped down last week as chief executive of Panrusgas, a 50-50 joint venture between the Russian gas giant and Hungary's Mol. He is replaced by Oleg Siyenko, general director of...

Arcadia scoops Socar tender. (Republics/East Europe: Azerbaijan).(State Oil Company of Azerbaijan Republic)(Brief Article)
April 18, 2002... State oil company Socar has awarded its May crude cargoes out of the Black Sea port of Novorossiysk to trader Arcadia. This month's volumes were won by Rompetrol (NC Mar.28, p5). The switch is one of the few changes in otherwise stable...

EIG to launch International Oil Daily on April 23. (Republics/East Europe).(advertisement)
April 18, 2002... Energy Intelligence Group is pleased to announce the launch of our new daily publication: International Oil Daily. Building on a 50-year tradition of publishing industry standards such as Nefte Compass, International Oil Daily. will bring a...

Q1 Offtakers of Seaborne Crude Exports ('000 metric tons). (Russia).(first quarter 2002; crude petroleum)
April 18, 2002... Russia Q1 Offtakers Of Seaborne Crude Exports ('000 metric tons) January 2002 Offtaker Producer Vol Novorossiysk API Oil Socar ...

Futures volatile, differentials steady. (Markets: Crude Oil).(Venezuelan crude oil prices)(Brief Article)(Statistical Data Included)
April 18, 2002... Crude oil prices remained fairly volatile with front month Brent futures trading a $2.10 range. The contract hit a $23.81 low on news that Venezuelan President Hugo Chavez had been ousted. With Chavez -- one of the architects behind Opec's...

Firm differentials counter screen losses. (Markets: Products).(Russian gas oil prices)(Brief Article)(Statistical Data Included)
April 18, 2002... Losses on the screen pulled down Russian gas oil prices, but the effect on cash values was buffered slightly by modest rises in differentials. Fuel oil came off with crude. The Baltic Sea ports ramped up shipments -- as predicted -- to...

Marketplace. (Markets).(Brief Article)(Statistical Data Included)
April 18, 2002... Marketplace Spot Crude Oil Prices $/barrel f.o.b. terminal, or c.i.f. destination Apr.17'02 Apr.10'02 Chg. Dated Brent f.o.b. (38 API) 25.25 25.05 0.20...