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2014-10-06 20:40:00

SOUTH STREAM PROGRESS: $40 BLN

SOUTH STREAM PROGRESS: $40 BLN

The Russia-led South Stream undersea gas pipeline is still going ahead, Energy Minister Alexander Novak was quoted as saying on Saturday, following concerns the European Union might be losing enthusiasm for the project.

The natural gas pipeline, which will cost an estimated $40 billion, is designed to carry Russian gas to the centre of Europe on a route that bypasses crisis-hit Ukraine.

The project has yet to be approved by the EU, which is trying to become less dependent on Russian gas. Supplies from Russia currently account for about a third of EU gas imports.

"The South Stream project has not been stopped," Novak was quoted as saying by the Interfax news agency.

"The agreements which were signed remain in force. They can't be cancelled on a unilateral basis."

The European Commission has said South Stream as it stands does not comply with EU competition law because it offers no access to third parties.

South Stream also runs counter to the EU policy of diversifying supply sources to reduce dependence on Russia.

The project has run into problems as a European Commission working group, set up to define a mechanism for managing the pipeline, has stopped its work, Novak said.

"We hope that we will resume such work when the new European Commission is appointed," the minister added.

oilandgaseurasia.com

Tags: RUSSIA, SOUTH, STREAM, GAS, PIPELINE, EU,

Chronicle:

SOUTH STREAM PROGRESS: $40 BLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

SOUTH STREAM PROGRESS: $40 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

SOUTH STREAM PROGRESS: $40 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

SOUTH STREAM PROGRESS: $40 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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