BP has proposed to increase the oil production in Azerbaijan by one third within the framework of Azeri-Chirag-Guneshli project the contract on which was signed in 1994.

The term of stabile production of over 1mln barrels a day (over 50mln tons a year) in Azeri-Chirag-Guneshli field can be extended from 2009 to 2019, but not from 2009 to 2013 as it was planned earlier, Bill Schrader, the President of BP said in the 15th jubilee International Oil and Gas, Petroleum Refinery and Pertochemistry Conference in Baku. The exhibition and conference was organized by Iteca Caspian.

Increase of world prices of energy resources makes Nabucco pipeline project, designed to export Caspian and Central Asian gas to Europe, more competitive, Volfqanq Sporrer, the regional manager of OMV, an operator of Nabucco, said.

“Following the increase of [world] prices [for energy resources], the prices for transportation [of gas via Nabucco] will also rise, making the project more competitive,” he told Trend Capital in Baku on 5 June.

According to Sporrer, this year Nabucco pipeline company will be involved in marketing the gas consumption markets. It s planned to define the gas demand in the European Union, as well as the tariffs for fuel pumping via this pipeline.

Benjamin Ben Eliezer, the Israeli national infrastructure minister, arrived in Azerbaijan in the morning of 2 June for an official visit.

“My visit is paid in the timeframe when the two countries have many spheres for cooperation. I encourage and advice my Israeli counterparts to visit Azerbaijan to seek ways for investing, and also calls the Azerbaijani business world to invest in Israel, particularly the infrastructure field,” the Israeli minister said in an exclusive interview for Trend Capital.

Ukraine’s President Viktor Yushchenko highly appreciated the results of energy security summit which took placen in Kiev on 22-23 May. In his exclusive interview to Trend Capital he said that the Energy Security Summit was a very important event both for Ukraine and entire Europe.

“The ideas to develop entire European policy in the energy resources transit field is gaining more understanding,” Yushchenko said.

The participants of the Summit has taken a next practical step in this connection, particularly regarding creation of a common energy transit area. At this stage, the Baltic Sea, Black Sea and Caspian Sea regions must be united.

“The common energy area must take into consideration the interests, rights and duties of all energy market participants – energy resources producing countries, transit countries and consuming countries. That will enable avoiding the attempts to use energy levers as a political impact tool in the international relations,” President said.

According to Yushchenko, the participants of the summit stated significant progress in diversification of energy resources and transportation roots.