SANCTIONS: AUSTRIA WILL COPE
Austria will feel a pinch but be able to handle European sanctions against Russia over its role in Ukraine's political crisis, Economy Minister Reinhold Mitterlehner said.
Companies in the high-tech and agricultural sectors would feel the impact the most, he told broadcaster ORF in an interview aired on Saturday. "But overall I think we will cope with the sanctions," he added.
Mitterlehner did not specify which companies might be hit by the sanctions formally adopted by the European Union on Thursday, which include export bans on advanced oilfield equipment.
Shares in Cat Oil AG, a Vienna-based oil and gas field service contractor, fell on Friday after it said Russia sanctions could slow its growth.
The Austrian steel group Voestalpine is in talks to supply heavy steel plates for the second pipeline of Gazprom's giant South Stream gas transit to Europe.
It was part of the OMK consortium that won work for the first South Stream pipeline.
Mitterlehner also did not say whether limits on exports of farm products were new or referred to bans from earlier this year on certain dairy and meat products amid hygiene issues cited by Russia.
He played down talk that the political crisis could boost prices for Russian energy.
"I have seen the Russian statements but I expect that, (because) we have long-term contracts, it will not be so easy to raise prices," he said, stressing the mutual dependency of Russia and Europe on reliable energy supplies.
"Secondly, a unilateral price increase will lead to and accelerate thinking about alternatives to diversify, so I see the threat of operating on the price side more as a verbal threat than a realistic approach."
Russia accounts for 2.8 percent of overall Austrian exports, he said. "This is important but doesn't mean the world."
|December, 13, 12:40:00|
|December, 13, 12:35:00|
|December, 13, 12:30:00|
|December, 13, 12:25:00|
|December, 13, 12:20:00|
|December, 13, 12:15:00|
PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.
WNN - Construction of the Iter fusion reactor, being built at Cadarache in the south of France, is now 50% complete, the Iter Organisation has announced. The reactor - construction of which began in 2010 - is scheduled to achieve first plasma in 2025.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.
PLATTS - Taking into account the nominated volume for Friday, Gazprom will have exported 179.8 Bcm to what it calls the Far Abroad -- Europe and Turkey, but not the countries of the former Soviet Union -- higher than last year's then record high of 179.3 Bcm.