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2014-05-06 19:20:00

SANCTIONS: U.S. WON'T IMPACT

SANCTIONS: U.S. WON'T IMPACT

Western sanctions on Russia following its annexation of Ukraine's Crimea have no impact on a deal between Pirelli and Russian oil major Rosneft , the chairman of the Italian tyre maker said on Monday.

"The timetable of the deal is confirmed, nothing has changed," Pirelli Chairman Marco Tronchetti Provera told journalists on the sideline of an event in Milan.

Pirelli struck a deal with Rosneft in March that made the oil major the group's single largest shareholder, gaining in exchange the chance to exploit the Russian company's big gas station network to sell tyres.

This move is expected to boost the tyre maker's expansion ambitions in that country, which currently accounts only for around five percent of its sales.

The United States last week imposed fresh sanctions on Russian firms and government officials, including Rosneft head Igor Sechin.

reuters.com

More information:  (9), (8), (7), (6)(5)(4), (3) (2)(1)

Tags: PIRELLI, ROSNEFT

Chronicle:

SANCTIONS: U.S. WON'T IMPACT
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

SANCTIONS: U.S. WON'T IMPACT
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

SANCTIONS: U.S. WON'T IMPACT
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

SANCTIONS: U.S. WON'T IMPACT
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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