U.S. CAN BE NEXT
As the Fed winds down its economic stimulus, former US Treasury Secretary Lawrence Summers says the country's next economic booster could be exporting its fossil fuels around the globe, a move that could make America the next Saudi Arabia.
"The United States has the chance to be to the energy economy of the next decade what Saudi Arabia has been for the last two to three decades," Summers said on Saturday. "The effect of allowing oil exports ... would reduce rather than increase American gasoline prices."
Summers, known for his outspoken views about what he describes as a disappointing US economic recovery, made his remarks at the annual American Economics Association conference.
Meanwhile, at the same conference, Boston Federal Reserve President Eric Rosengren said low inflation rates across the world and only small amounts of wage and price pressure in the United States should force the Federal Reserve to move slowly as it pulls back on its accommodative monetary policy.
Rosengren repeated his call for the US central bank to take its time in establishing more normal policy after years of stimulus to boost the economy.
"I believe the continued very low core inflation and wage growth numbers provide ample justification for patience," Rosengren said. "A patient approach to policy is prudent until we can more confidently expect that inflation will return to the Fed's two per cent target over the next several years."
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.