STATOIL SALES 20%
Italy's Snam SPA will acquire from Statoil ASA its 20% stake in Trans Adriatic Pipeline AG (TAP) for €208 million. The transaction is expected to close by yearend. Statoil has been part owner in TAP since 2008, but divested its share of the Shah Deniz gas field in Azerbaijan in 2014.
The 882-km TAP system will be the westernmost section of the Southern Gas Corridor, a 3,500-km gas system linking Shah Deniz Stage II to gas markets in Europe. TAP will connect with the Trans-Anatolian Natural Gas Pipeline (TANAP) at the Greece-Turkey border. It will cross northern Greece, Albania, and the Adriatic Sea before coming onshore in southern Italy, where it will link with the Snam-operated Italian natural gas network.
"TAP is crucial in the diversification of gas sources in Europe through the development of the Southern Corridor from the Republic of Azerbaijan and potentially other countries," said Carlo Malacarne, Snam's chief executive officer.
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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.