Major events in Caspian countries' oil and gas industry for last week (Feb.13-18)

Serbia interested in participating in project of Azerbaijani gas transportation to Europe Serbia at the highest level expressed a desire to participate in the project AGRI (Azerbaijan-Georgia-Romanian Interconnector), which envisages transportation of Azerbaijani liquefied gas to European countries, Serbian Ambassador to Azerbaijan, Zoran Vayovich said in Baku. The participants in the AGRI project are the State Oil Company of Azerbaijan (SOCAR), the Georgian Oil and Gas Corporation, as well as the MVM company (Hungary) and Romgaz (Romania). This project envisages supply of liquefied gas from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, as well as to other European countries. State Oil Fund of Azerbaijan starts investing in physical gold The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has begun purchase of gold bars that are in compliance with standards set forth by London Bullion Market Association (LBMA) from the banks which are market-maker members of LBMA. The Fund started it in order to increase the diversification and profitability of the investment portfolio. According to the 2012 Investment Policy of SOFAZ approved by the decree of the President of the Republic of Azerbaijan dated Dec.29, 2011, up to 5 percent of the Investment portfolio of SOFAZ can be invested in gold in 2012. Kazakh Tengizchevroil plans to ship oil through BTC Large Kazakh oil company Tengizchevroil (TCO) is in negotiations with the BTC pipeline company, which manages a pipeline that runs from Baku, Azerbaijan, to Ceyhan, Turkey, on the Mediterranian Sea, to ship some of its oil through it, TCO General Director Tim G. Miller said. "We have not come to an agreement yet, we hope to do so in 2012, but we're not going to make an agreement at a bad price, we want it on our terms and at our prices," Miller said. Oil companies in Georgia again increase gasoline prices Oil companies operating in Georgia increased gasoline prices. All companies increased the price of gasoline by 5 Tetri, which is about 3 cents. Now gasoline costs 2.15-2.30 lari ($ 1 = 1.66 lari) in Georgia, depending on the quality of gasoline. As the Union of Importers, Exporters and Producers of Petroleum Products of Georgia said, the cause of an increase in prices of petroleum products is the situation in the international market.