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.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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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.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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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.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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