GAZPROM: ANOTHER ROUTES
Led by Alexey Miller, Chairman of the Company's Management Committee, Gazprom's delegation paid a working visit today to the Republic of Austria.
Vienna hosted a working meeting between Alexey Miller and Gerhard Roiss, Chief Executive Officer of OMV. The parties addressed the issues of Russian natural gas supply to Austria. Gazprom's activities as of a reliable supplier largely contributing to the Austrian and European energy security were highly appreciated. It was pointed out that the current geopolitical situation proved the relevancy of alternative Russian gas routes to European consumers.
As part of the visit, Alexey Miller met with Reinhold Mitterlehner, Austrian Federal Minister of Economy. The parties looked into the status of the Russian-Austrian interaction in the energy sector. It was noted that the years of mutually beneficial partnership played a special part in strengthening the economic ties between the two countries and that further cooperation in the gas sector had considerable development prospects.
Summing up the meetings, Alexey Miller said that in order to optimize the South Stream project and with the account of Gazprom's existing contract portfolio, we agreed to the proposal of the Austrian party to look into the possibility of constructing a gas pipeline section in Austria within the existing intergovernmental agreement, simultaneously with the Slovenian section.
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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.