that would allow Russia to establish control over such a gas trading hub, former US ambassador to Azerbaijan, Director of the International Centre for Defense Studies in Tallinn, Matthew Bryza told Trend.

Serbian Deputy Prime Minister Zorana Mihajlovic said Tuesday that "the freezing" of the South Stream pipeline project was a problem for Serbia.

The fallout from Russia's decision to abandon its ambitious South Stream pipeline deal continued Dec. 3, as Italian energy services firm Saipem announced that it would lose almost $2 billion because of Moscow's move

Bulgaria’s Government will do all it can to support the realisation of the South Stream gas pipeline project due to its immense economic importance and despite the infringement procedure against Sofia for suspected public procurement law breaches.

Demise of South Stream big setback for Putin. Russia’s deal with Turkey cannot be deemed a serious replacement.

Gazprom, the state gas company, has been at the forefront of Moscow’s push to expand its influence into the Balkans – a region beset with economic and political difficulties.

After OPEC’s announcement last week that it would not be cutting production, oil prices fell dramatically.

Norway’s oil fund can carry on investing in oil.

China also has promised more than $120 billion since May to Africa, Southeast Asia and Central Asia, including a $40-billion New Silk Road fund and a $50-billion Beijing-backed Asian Infrastructure Investment Bank.

Russia urges EU to lift sanctions, promises to waive counter-measures

USA sees shale gas production decline, no progress observed in shale gas development abroad

Russia did not ask OPEC for production cuts.

Gulf stock markets plunged on Sunday after OPEC's decision to keep crude output unchanged sent oil prices tumbling at the end of last week.

Total and Rosneft signed a Term Sheet that envisages the main terms and conditions of the purchase of 16.67% share in a refinery located in Schwedt, Germany (PCK Raffinerie GmbH). The document was signed in Sochi by the Head of Rosneft Igor Sechin and Chief Executive Officer of Total Patrick Pouyanne.

The Blue Stream gas pipeline is important for ensuring stable gas supplies to Turkey. For instance, around 110 billion cubic meters of gas have been conveyed via Blue Stream since the start of commercial gas deliveries. The meeting participants stressed that Russian gas exports via that route were gradually increasing, and this upward trend could continue. In this regard, the parties confirmed their mutual intention to expand Blue Stream's capacity by 3 billion cubic meters.