RUSSIA BUILD THE SOUTH STREAM
A consortium led by a company partly owned by a target of U.S. sanctions has won a multi-billion-dollar contract to build a section of the South Stream pipeline through Bulgaria, Russian natural gas monopoly Gazprom said Tuesday.
The contract has been awarded to a Bulgarian consortium, Gasproekt Jug AD, and privately owned Russian company ZAO Stroitransgaz.
ZAO Stroitransgaz is 50% owned by Stroitransgaz Holding, which was a target of U.S. sanctions following Russia'a annexation of Crimea, along with other companies owned or controlled by Russian businessman Gennady Timchenko. Mr. Timchenko owns 63% of the holding company.
A number of companies with names similar to ZAO Stroitransgaz, controlled by the holding company, have also been targeted by sanctions. ZAO Stroitransgaz isn't on the U.S. sanctions list, however.
The company wasn't available to comment on who owns its other half.
South Stream is a project planned by Russian state-run energy giant OAO Gazprom to bring gas from Russia via the Black Sea to Bulgaria and the rest of Europe.
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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.