CNPC & GAZPROM AGREEMENT
Gazprom said "special attention" will be paid to the crossing under the Amur River. The Russian section is known as the Power of Siberia gas pipeline and the Chinese section is known as the Eastern Route.
CNPC said the entire pipeline project is expected to be completed and operational by the end of 2018. Construction of the Chinese section began in June 2015, while construction of the Russian section began in September 2014.
CNPC also signed an investment agreement on Dec. 16 for construction of the 215-km Kyrgyzstan section of Line D of the Central Asia-China gas pipeline.
The company said technical standards and specifications will be determined for design and construction, "and the Kyrgyz Government will provide support to ensure the smooth progress of the project."
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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.