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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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.