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2015-06-08 18:55:00



European Union energy chiefs on Monday sought to galvanise efforts to create a single European energy market with a set of accords on closer power and gas ties while disunity simmers over the finer detail of implementing goals for a new decade of greener fuel.

The European Commission, the EU executive, has used the political crisis with the bloc's biggest energy supplier, Russia, to focus on completing an energy union based on rationalised connections across the 28-member bloc to share fuel and curb the need for imports.

The grand plan is also meant to harness efforts to lower carbon emissions as France readies to host United Nations climate talks late this year.

At a meeting of energy ministers in Luxembourg on Monday, 13 countries, including Germany and the Benelux nations, signed a declaration on security of electricity supply, while Baltic nations, among the most dependent on Russian gas, signed an outline accord on closer EU energy links.

"The signatory countries are determined to enhance security of supply through further market integration," Climate and Energy Commissioner Miguel Arias Canete said. "This is one of the main building blocks of the energy union."

Declarations, however, are easy compared with the detail of implementing them.

The European Union last October reached an outline deal on three 2030 targets to cut emissions by at least 40 percent versus 1990, improve energy savings to at least 27 percent and to increase the share of renewable energy to 27 percent.

The goals replace three 2020 targets, all of 20 percent, which the bloc is close to achieving.

But member states, such as Eurosceptic Britain, jealously guard their right to decide what kind of energy they use, making it difficult to agree the detail of implementing policy goals.

An internal Commission note, seen by Reuters, acknowledges the need to preserve member states' right "to define policies matching national preferences and circumstances" but it also says national energy plans must complement regional plans and vice versa.

To allow each country to present its plan and others to comment, it proposes to hold forums next year, after which draft plans should be submitted to the Commission by mid 2017.

Analysts question who will provide the necessary investments needed and whether the 28 EU nations can be persuaded to act for a common good.

"In all honesty, the gap between member states has only widened over the course of the past years," said Tim Boersma, of Brookings Institution, a Washington-based independent think-tank.




2018, January, 19, 12:15:00


PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

2018, January, 19, 12:10:00


AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

2018, January, 19, 12:05:00


WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

2018, January, 17, 23:50:00


REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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