Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Article excerpt


Feb. 2: Egyptian Petroleum Minister Sameh Fahmy signed an agreement with the Turkish government that would provide for the yearly export to Turkey of 8 million cubic meters of gas. (2/18 MEED]

Feb. 9: The London daily Financial Times reported that in Ashgabat, recent governmental talks on the construction of the $2.5 billion Trans-Caspian Gas Pipeline (TCGP) had yielded positive results. At the talks, Turkmenistan agreed to allow the transport of gas from Azerbaijan. [2/10 FT, 2118 MEED]

Feb. 14: For the first time since the Gulf War in 1991, the price of crude oil exceeded $30 a barrel. [2/15 NYT, WSJ]

Feb. 16: Azerbaijan and the Shah Deniz consortium, led by BP Amoco, and including Iran's Oil Industries Engineering Company (OIEC), Turkish Petroleum Overseas Company, and Azerbaijan's Socar, agreed to export to Turkey five billion cubic meters of gas by the end of 2002. [2/17 FT, WSJ, 3/3 FBIS]

Turkish Minister of Energy Cumbur Ersumer said that Russia had pulled ahead in the race to be the first to deliver gas to Turkey. The $3 billion joint project between Russia's Gazprom and Italy's ENI SpA, was due to be completed by 2001. [2117 WSJ]

Feb. 22: Azerbaijani President Heydar Aliyev announced a concession on tariffs for the $3 billion Baku-Ceyhan pipeline, that would transport oil from Azerbaijan through Georgia to the Turkish port of Ceyhan. [3/24 WSJ]

Feb. 23: In Riyadh, oil ministers from Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) convened a meeting of the Gulf Cooperation Council (GCC) to discuss stabilization of global oil prices, [2/24 NYT, WSJ]

Feb. 27: After demands by the Saudi government that Japan invest $2 billion on infrastructure projects, the Japan-based Arabian Oil Company relinquished its drilling rights in the Khafji field. The Saudi government indicated that it would grant the concession to Aramco Gulf Operations Company, a subsidiary of state-owned Saudi Aramco. [2/29 FT, WSJ, 3/10 MEED]

Feb. 28: The Wall Street Journal reported that, in a recent television broadcast, Turkmenistani President Saparmurad Niyazov had criticized the US Caspian policy as deliberately holding up the US-backed TCGP project, and of supporting a split of gas volumes between Turkmenistan and Azerbaijan. [2128 WSJ]

Mar. …

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