France has confirmed its interest in the Nord Stream-2 project, Russia's Energy Minister Alexander Novak told reporters.
"We have discussed the issues of cooperation between Russian and French companies. In particular, the biggest project will be carried out together with the French company ENGIE — it concerns the expansion of the Nord Stream gas pipeline — its third and fourth lines. France confirmed its interest in the project," Novak said.
On Wednesday, Novak met Segolene Royal, France's Ministry of Ecology, Sustainable Development and Energy. The ministers discussed a successful experience of Russian-French cooperation in energy sector, including the Yamal LNG and the Nord-Stream-2 pipeline.
Nord Stream 2 pipeline will have the throughput capacity of 55 bln cubic meters. Gas will be transported from Russia across the Baltic Sea to Germany, the UK, France, Denmark and other countries bypassing Ukraine. France's Engie is one of the shareholders of the project.
Yamal LNG is a large-scale project on creating a liquefied natural gas production facility with 16.5 mln tonnes per year capacity on the base of the resources in Russia's Yamal peninsula. The project's proven and probable gas reserves amount to 927 bln cubic meters. The project involves the creation of transport infrastructure, including a seaport and an airport near the Sabetta village (north-east of the Yamal Peninsula). Russia's Novatek holds 60% in Yamal-LNG, while France's Total and China's CNPC hold 20% each in the project.
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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.