International

Oil will remain the most important commodity in the world.

Algeria expects its gas exports to reach 57 billion cubic metres (bcm) this year. up from 54 bcm in 2016.

The pipeline will export 30 billion cubic metres of gas every year with the gas ready for the domestic market next year and for export in 2019.

In July it became known that Russia. in violation of the sanctions regime. sent gas turbines made by the German concern Siemens (model SGT5-2000E) to the Crimea.

Turkey has been heavily investing in infrastructure projects to reinvigorate country’s transportation infrastructure.

Kazakhstan is ready for international cooperation in development of sustainable energy to find solutions to the energy crisis.

China. the world’s biggest oil consumer after the U.S.. has sought a foothold in crude production everywhere from Africa to Canada.

In the newly signed contract. Azerbaijan’s share of the oil will be 75 per cent. and bonus payments by foreign investors will reach $3.6 billion.

Malaysia’s national oil company Petronas holds a 30 percent stake in the field while the Iraqi government holds the remaining 25 percent.

The two companies will be represented by four board directors each. sharing nomination rights for senior executives.