Wells of hope: Kazakhstan signs massive oil deal

Article Abstract:

Kazakhstan and the US oil company Chevron formed a joint venture to develop the Tenghiz oil field in western Kazakhstan. The agreement, signed on Apr 2, 1993 by Kazakhstan Pres Nursultan Nazarbayev and Chevron Chmn and CEO Kenneth Derr and made public on Apr 6, will give Chevron 20% of earnings and Kazakhstan 80%. The new joint venture has been designated Tenghizchevroil, ownership of which will be split 50-50 between the two parties. The six to nine billion barrels of recoverable oil that the Tenghiz is forecast to produce in the next 40 years will be worth about $114 billion.

Crude petroleum and natural gas, Petroleum refining, Planning, Kazakhstan, Petroleum, Petroleum reserves, Natural resources, Chevron Corp., Tengizchevroil

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Lost privileges

Article Abstract:

China Petrochemical Corp (Sinopec) earnings will fall 50% or more in 1993 due to the loss of subsidized supplies of crude oil as China reforms its energy supplier. The company is deeply in debt to China's chief oil-trading firm and is delaying payments to foreign suppliers. Sinopec has not been able to take advantage of the decontrol of gasoline and diesel fuel prices and has been hurt by the devaluation of the renminbi.

China, Energy policy, Petroleum chemicals industry, Petrochemicals industry, China Petrochemical Corp.

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Costly alliance

Article Abstract:

The high cost of constructing oil refineries poses the greatest obstacle to Saudi Arabian Oil Co's planned investments in Japan's petroleum industry. Nippon Oil Co Ltd, Nippon Mining Co Ltd and Arabian Oil are the three Japanese companies participating in a proposed joint venture.

Saudi Arabian Oil Co., Nippon Oil Company Ltd., Nippon Mining Company Ltd., Arabian Oil Company Ltd.

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