TURKISH STREAM CONSTRUCTION
GAZPROM - Construction of the TurkStream gas pipeline was commenced in the Black Sea near the Russian coast. Pipelaying is carried out by the Audacia vessel owned by Allseas, the construction contractor for both strings of the gas pipeline's offshore section. The vessel will be also used for pipe pulling through microtunnels. Construction works for the TurkStream gas pipeline in the deep-water area will be performed by the Pioneering Spirit pipe-laying vessel.
"Today, we started the practical implementation of the TurkStream gas pipeline project: pipe-laying within the offshore section. The project is right on schedule, and by late 2019 our Turkish and European consumers will have a new, reliable source of Russian gas imports," said Alexey Miller, Chairman of the Gazprom Management Committee.
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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.