SOUTH STREAM PROGRESS
NGE. Russian authorities approved the environmental impact assessment (EIA) for the Russian sector of the South Stream offshore pipeline.
"This is a significant milestone for the Project and a testament to our efforts," Oleg Aksyutin, CEO of South Stream Transport, said in a note released on Monday.
According to Gazprom, experts undertook surveys of animal and plant life in the Black Sea and at the Anapa landfall. They expect the majority of the effects on the environment to be limited to the construction phase.
This approval is nothing new, but it is relevant as it sends a clear message: Russia wants to proceed with the project. And the recent achievements make a convincing case for a strong united Russian industry that does not show any proof of hesitation.
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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.