ROSNEFT MULLS $400 B
The state-owned company will over the next 20 years spend big money on the Arctic shelf. A minor part of it might be invested in the Barents Sea.
"We plan to invest $400 billion on the Arctic shelf over the first 20 years", Rosneft President Igor Sechin said at this week's top-level meeting on energy sector developments.
However, it was the Russian East which was on top of the agenda in the meeting. Talking to an audience of top energy company representatives and officials, President Putin stressed that the energy resources of the Eastern Siberia and the Far East now are of key importance for the country in order to guarantee continued economic growth. This is especially so "considering the crisis trends on the world markets and the consequent volatility", Putin said, a transcript from the meeting reads.
In the meeting, President Putin also implicitely indicated that an end to Gazprom's pipe gas export monopoly could be immanent.
The importance of the Asian-Pacific region for Russia is increasing rapidly as relations with the EU are strained and several grand contracts are signed with China and other eastern countries. Both Rosneft and gas monopolist Gazprom have made the region their top priority area.
|November, 17, 19:55:00|
|November, 17, 19:50:00|
|November, 17, 19:45:00|
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
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.