SOUTH STREAM HAMPERS AGAIN
Operations of the Bulgarian section of the South Stream gas pipeline have been suspended to a second time.
A notice posted to the webiste of the Bulgaria's Ministry of Economy and Energy read that Interim Minister Vasil Shtonov had instructed the South Stream Bulgarian partner, Bulgarian Energy Holding, to suspension of all actions while the project does not meet the legal requirements of the European Commission.
The first halt in activities came earlier this summer following a Bulgarian official meeting with a delegation composed by three US Senators, John McCain, Ron Johnson and Christopher Murphy.
The meeting came after a public statement on the 6th of June by American Ambassador in Sofia Marcie Ries, warning that Bulgarian companies participating in South Stream maybe part of US sanctions against them due to their collaboration with Russia's engineering construction company Stroytransgaz.
Stroytransgaz is controlled by Volga Group, a investment vehicle linked to Gennady Timchenko who was sanctioned by the US Treasury following the Russian takeover of Crimea in February 2014.
In May, a consortium comprised of Stroytransgaz and Bulgaria's Gasproekt Jug was awarded the contract to built the Bulgarian section of the South Stream project. Earlier this month Stroytransgaz withdrew from the construction project.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.