GAZPROM & ENI ADRESSED
Sochi hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Claudio Descalzi, Chief Operating Officer of Eni.
The parties addressed the main areas of and prospects for enhancing the bilateral cooperation in the energy sector, in particular, the partnership within the South Stream project. It was pointed out that new supply routes would provide European consumers with the required gas volumes over the long run.
The meeting participants also discussed the issues of Russian natural gas supply to Italy.
Eni is a global energy company represented in oil and gas sectors, power generation and sales, petrochemistry, service and engineering support to oil fields.
South Stream is Gazprom's global infrastructure project aimed at constructing a gas pipeline with a capacity of 63 billion cubic meters to Southern and Central Europe for the purpose of diversifying the natural gas export routes and eliminating transit risks. The first gas will be supplied via South Stream in late 2015. The gas pipeline will reach its full capacity in 2018.
Eni holds a 20 per cent stake in South Stream Transport, a joint project company focused on the construction of South Stream's offshore section. Italy is the second largest importer of Russian gas to the EU after Germany. In 2013 the volume of Gazprom's supplies to Italy made up 25.3 billion cubic meters of gas.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.