Baku discusses issues of processing and trade of hydrocarbon resources

Baku discusses issues of processing and trade of hydrocarbon resources

III International SOCAR Forum “Caspian and Central Asia – Trade, Logistics, Oil Refining, Petrochemicals” started its work in the capital of Azerbaijan, Baku. The Oil and Gas Forum was organized by the Baku Higher School of Oil and the British company Confidence Capital Ltd.

Leaders and representatives of specialized structures of states that play an important role in the world production, processing and sale of oil and gas resources, as well as the largest consumers of this product, take part in the forum. This is about 30 countries, including Russia, Turkmenistan, Kazakhstan, Iran, the United Arab Emirates, Uzbekistan, Britain, Germany, France, Italy and others.

On the first day of the forum, the participants discussed the state of the world’s oil and gas markets, in particular, the markets of the Caspian and Central Asia.

Turkmenistan has a unique geographical location, being both the Caspian and Central Asian state. The colossal reserves of hydrocarbon resources and profitable geography allow Ashgabat to pursue an active energy policy in several strategic directions.

Thus, Turkmenistan is the largest supplier of pipeline natural gas to the Chinese energy market. Supplies are growing, and with the construction of the 4th planned branch D of the Turkmenistan-Uzbekistan-Kazakhstan-China gas pipeline, the Celestial Empire will receive 65 billion cubic meters of natural gas per year.

Turkmenistan is building a TAPI gas pipeline and is preparing to organize gas supplies to South Asia – to Pakistan and India via Afghanistan. This gas project of continental importance is comparable in scale to the gas supply project in China.

Finally, Turkmenistan is ready to participate in the project of natural gas supplies to the European energy market. Currently, the efforts of Turkey and Azerbaijan are building the gas pipelines TANAP and TAP, through which by 2020 it will be possible to supply Azerbaijani natural gas to European consumers.

However, experts of the gas market believe that to organize uninterrupted and long-term fuel supplies to the Old World, Turkey and Azerbaijan should invite Turkmenistan to the project, as today only Ashgabat has free volumes of gas capable of fully loading the pipeline’s capacities.

Often the expert community is asked if Ashgabat will have enough natural gas to ensure all the projects announced.

To begin with, Turkmenistan is one of the world’s top four countries in terms of natural gas reserves, along with Russia, Iran and Qatar. If this assessment seems very general to somebody, let’s remind that Turkmenistan has a giant gas field called Galkynysh. According to the British company Gaffney, Cline & Associates, its reserves are estimated at 26.2 trillion cubic meters of natural gas. This indicator brings the Turkmen field to the second place in the world.