GAZPROM - GERMANY: UP 37%
GAZPROM - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Brigitte Zypries, Germany's Federal Minister for Economic Affairs and Energy, took place in Berlin.
The parties addressed issues related to bilateral cooperation, focusing, among other things, on Russian gas exports to Germany. It was noted that Gazprom's gas supplies to the German market had reached a record of 49.8 billion cubic meters in 2016. The upward trend in gas demand continues in early 2017. In January, gas exports grew by 23.2 per cent versus the corresponding month of 2016. Between February 1 and February 15, gas deliveries added 37 per cent compared to the same period of last year.
Alexey Miller and Brigitte Zypries discussed the routes for Russian gas supplies to Europe, paying particular attention to the Nord Stream 2 project. Transit-free gas deliveries across the Baltic Sea are highly sought-after by consumers. In January 2017, the operating Nord Stream gas pipeline was loaded to its maximum capacity above its design throughput.
The Nord Stream 2 gas pipeline will double the amount of Russian gas exported to the European market across the Baltic Sea, which is especially important in light of Europe's growing demand for gas and declining indigenous production. Nord Stream 2 was noted to be a commercial project whose main advantages were reliability, feasibility, economic efficiency, and environmental friendliness.
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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.