WINTERSHALL & RUSSIA: NO SANCTIONS
NGE. Rainer Steele, Chairman of the Board of Executive Directors of Wintershall, believes that economic sanctions from the EU against Russia will not remedy the situation in Ukraine and would not help anybody.
At Wintershall's 2014 press conference in Kassel, Germany, Steele stressed that there is no alternative to dialogue, and suggested that all parties involved sit a the negotiating table and not rule out partnerships.
Wintershall and Russia's Gazprom are partners on multiple projects including the Nord Stream and South Stream natural gas pipelines.
Also announced were plans to divest its shareholding in the Eastern German company Verbundnetz Gas AG (VNG) as part of Wintershall's strategy to concentrate on the upstream sector.
Wintershall reached an agreement that will see EWE Aktiengesellschaft take over Wintershall's 15.79 percent share in VNG, pending approval from competition authorities. The transaction is subject to board approvals from both companies and also requires the approval of the VNG annual general meeting. Purchase price was not disclosed.
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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.