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2014-04-19 18:30:00

RUSSIA WRITES OFF

RUSSIA WRITES  OFF

Russia's parliament has agreed to write off almost $10 billion of North Korea's Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state.

Russia has written off debts to a number of impoverished Soviet-era allies, including Cuba. North Korea's struggling communist economy is just 2 percent of the size of neighboring South Korea's.

The State Duma lower house on Friday ratified a 2012 agreement to write off the bulk of North Korea's debt. It said the total debt stood at $10.96 billion as of September 17, 2012.

The rest of the debt, $1.09 billion, would be redeemed during the next 20 years, to be paid in equal installments every six months. The outstanding debt owed by North Korea will be managed by Russia's state development bank, Vnesheconombank.

Russia's Deputy Finance Minister Sergei Storchak told Russian media that the money could be used to fund mutual projects in North Korea, including a proposed gas pipeline and a railway to South Korea.

The two Koreas remain technically at war and are separated by one of the world's most militarized frontiers. Parts of the international community have been seeking to re-engage with North Korea amid hopes that the reclusive state's government would seek ways to end years of isolation and poverty.

Russia's state-owned top natural producer Gazprom (GAZP.MM), has long planned to build a gas pipeline via North Korea to South Korea with a view to shipping 10 billion cubic meters of gas annually.

Moscow has been trying to diversify its energy sales to Asia away from Europe, which, in its turn, wants to cut its dependence on oil and gas from the erstwhile Cold War foe. Moscow aims to reach a deal to supply gas to China, after a decade of talks, this May.

reuters.com

 

Tags: RUSSIA, GAS, KOREA

Chronicle:

RUSSIA WRITES  OFF
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

RUSSIA WRITES  OFF
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

RUSSIA WRITES  OFF
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

RUSSIA WRITES  OFF
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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