TO CHANCEL SOUTH STREAM
The European Parliament urged European authorities to 'stand up to' Russia, adopting a resolution to stop President Vladimir Putin's energy plans in the continent.
'MEPs call on the EU to regulate third-party businesses in the areas of gas storage, interconnectors and flow-back facilities, and urge the EU countries to cancel planned energy sector agreements with Russia, including the South Stream gas pipeline,' reads a note released by the Parliament on Thursday.
Asking for a political, not a military, solution to the stand-off over Ukraine, MEPs welcomed signs hinting at a stabilisation of the situation in the conflict areas.
'MEPs welcome the newly-passed Ukrainian laws on a special status for the contested districts of Donetsk and Luhansk and the amnesty approved by the Ukrainian Parliament on 16 September as an important contribution to de-escalation.'
On Wednesday, according to Gazprom, Serbia said it will kickstart construction works of the local leg of the South Stream in October despite opposition from Brussels and political confusion over the project in Bulgaria.
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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.