Caspian Sunrise creates subsidiary for oil trading

Caspian Sunrise PLC has established a subsidiary for trading with oil, according to Marketwatch. The new company is going to trade with oil produced by Caspian Sunrise. It is expected that the net price of the oil will be raised by $5-10 per barrel.

Currently, Caspian Sunrise produces about 2,400 barrels of oil a day.

On Friday, Caspian Sunrise announced it will allocate $1.1 million for dividend payouts.

«The company’s board is going to allocate for future dividend payouts £1 million per month or 35-40% from free cash flow,» Marketwatch said.

Caspian Sunrise PLC is engaged in oil and gas exploration and oil and gas production in Central Asia and primarily in Kazakhstan, according to the oil company’s website. So far, the company runs four deep and 15 shallow wells across 1,561 kilometers of steppe and transit zone near the Caspian Sea in West Kazakhstan.