GAZPROM - SIEMENS COOPERATION
REUTERS - Russian gas giant Gazprom said on Friday it has agreed to purchase two gas turbines from Germany's Siemens for installation at a power plant it is building in Russia's Caucasus Chechnya region.
Siemens said last year that it was reviewing aspects of its dealings with Russia after claiming that four of its power-generating turbines meant for southern Russia had been delivered to Crimea, which is subject to European sanctions on technology supplies after Russia annexed the region.
In October, however, Siemens said it was ready to participate in the modernization of power plants in Russia.
Gazprom, whose electric power arm Gazpromenergoholding is one of Russia's biggest power suppliers, plans to open a plant in the Chechnen capital Grozny next year with a capacity of up to 360 megawatts.
It did not say in its statement on Friday how much it would pay for the two turbines.
Chechnya fought two wars against Russia after the 1991 Soviet collapse, but now, in return for generous subsidies and a wide degree of autonomy, pledges loyalty to Moscow.
Chechen leader Ramzan Kadyrov, a close ally of Russian President Vladimir Putin, has been blacklisted as part of Western sanctions against Russia but businesses in Chechnya are not subject to sanctions.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.