GAZPROM WANTS $11B EXTRA
Russia's Gazprom has slapped Ukraine energy firm Naftogaz with an additional $11.4 billion gas bill, more than five times its previous claim, ratcheting up pressure on Kiev amid the deepest East-West rift since the end of the Cold War.
The political crisis in Ukraine, now in its fourth month, has pitted Russia against the United States and the European Union, which have sanctioned Moscow over its annexation of Crimea peninsula.
A Gazprom source said the $11.4 billion was in addition to the $2.2 billion that Naftogaz already owes for supplies in 2013 and 2014 so far.
The source said the bill was sent to Naftogaz on Wednesday and was related to Naftogaz's failure to meet a "take or pay" clause for gas supplies.
Interfax news agency reported earlier on Thursday that Alexander Medvedev, Gazprom's deputy chief executive, had told reporters about the bill in Paris.
Both Gazprom and Naftogaz declined to comment.
The "take or pay" requirements in a gas supply contract make consumers pay for gas whether they take physical delivery or not.
Naftogaz should have imported 41.6 billion cubic metres under the 2013 contract terms, but shipped in only 12.9 bcm, the Gazprom source said.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.
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.
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.
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.