RUSSIAN GAS TO ITALIA: +99%
GAZPROM - March 20, 2018, a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Pasquale Terracciano, Ambassador of the Italian Republic to the Russian Federation, took place in Moscow.
The parties discussed the state and prospects of bilateral cooperation. It was noted that Gazprom had been a reliable supplier of gas to Italy for several decades. The Italian Republic is currently the third-largest importer of Russian gas. According to preliminary data, Russia's gas exports to Italy grew by 99 per cent in March 1–19, 2018, compared to the same period of last year.
Particular attention at the meeting was paid to the diversification of gas export routes from Russia to Europe. The parties reviewed the ongoing efforts to establish a southern supply route stretching across the Black Sea. Alexey Miller informed Pasquale Terracciano of the completion of over 50 per cent of the offshore section of the TurkStream gas pipeline. It was highlighted that the second string of the pipeline would provide European consumers with 15.75 billion cubic meters of gas annually.
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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.