GAZPROM FOR GERMANY: +13%
GAZPROM - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ruediger von Fritsch, Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to the Russian Federation, took place in Moscow.
The parties discussed the state and prospects of cooperation in the gas sector. Emphasis was placed on the strategic aspects of the collaborative Russian-German efforts along the entire value chain, including field development and gas transmission system expansion with the purpose of supplying gas to European consumers.
The meeting highlighted that Germany continued to ramp up its imports of Russian gas. According to preliminary data, from January 1 through June 19, 2018, Gazprom supplied Germany with 28.2 billion cubic meters of gas, an increase of 13.1 per cent from the same period of 2017.
The parties paid special attention to the Nord Stream 2 project aimed at bolstering Europe's energy security. Alexey Miller informed Ruediger von Fritsch that a full set of permits for the gas pipeline's construction and operation had been received from Germany, Finland and Sweden and that preparatory works were already underway in Germany and Finland.
Germany is the largest foreign consumer of Russian gas.
In 2017, Gazprom's gas supplies to Germany hit a record high of 53.4 billion cubic meters, showing a 3.6 billion cubic meters (7.2 per cent) increase against the 2016 record of 49.8 billion cubic meters.
Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.
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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.