Italy Must Consult New Parliament Before Naming Saipem Board
Italy's outgoing government should consult the new parliament before naming new boards of state-owned companies such as oil and gas exploration group Saipem, the 5-Star Movement said on Wednesday. The anti-establishment party won most votes at this month's parliamentary election and is vying with the far-right League over who should name the prime minister and form a government. Saipem's shareholders meet on May 3 to name the new board.
Austrian Parties Plan to use Brexit to Reopen EU Nuclear Power Pact
Austria's main conservative and far-right parties, which are in coalition talks, plan to use Britain's departure from the European Union to renegotiate the bloc's main atomic pact so as to reward countries free of nuclear power, they said on Friday. Austria has opposed the use of nuclear energy ever since a majority backed that position in a referendum in 1978, when the country's first nuclear power plant was ready to be brought into service. The plant never went into operation.
Hopes Lifted for Norway-Scotland Power Cable Project
The prospects for a planned 1.4 gigawatt (GW) power interconnector linking Norway and Scotland have improved following the re-election of Norway's right-wing government this month, the project's chief said. NorthConnect's 650-km subsea cable could meet about a quarter of Scotland's peak demand with clean energy from Norwegian hydroelectric dams and wind turbines. Opposition Labour leader Jonas…
Norway's Labour Calls for Debate on Oil Tax Regime
Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour's Marianne Marthinsen, a member of parliament's Finance Committee, told daily Aftenposten that Western Europe's top oil producer should look at changing rules that allow oil firms to reclaim costs of "failed exploration campaigns".
PKN, Lithuanian Railways Reach Deal on Fuel Transport Costs
Poland's biggest oil refiner PKN Orlen and Lithuanian Railways have agreed on new oil product transport fees and to end litigation, resolving a long-running dispute between the parties, two sources familiar with the situation said. PKN's Mazeikiai refinery in Lithuania relies on rail to ship its products to the Klaipeda oil terminal on the Baltic Sea, a route of about 250 kilometres (155 miles), but has been at odds with state-run Lithuanian Railways over transport fees since 2014.
Moody's Warning Highlights Pressure on Russia
Russia needs to adapt its budget to lower oil prices, Finance Minister Anton Siluanov said on Saturday after credit rating agency Moody's Investors Service warned Moscow it might downgrade the country's sovereign debt rating further into junk territory. The agency said on Friday that it placed Russia's Ba1 debt rating on review for downgrade, pending a two-month review of the government's policies.
New Global Oil Deal Could Draw Lessons from 1998
OPEC rifts and pact with Russia under scrutiny; secret talks led by Mexico pulled off tricky deal in 1998. After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices. It was 1998, trust had long broken down…
Poland President Vetos Amendment on CO2 Emissions
Poland's president has vetoed an amendment to the Kyoto protocol on CO2 emissions that extends the deadline for compliance because he believes the country needs more time to analyze its impact on the economy, his office said on Tuesday. The Kyoto protocol, signed in 1997, imposed on all signatory countries an obligation to cut their carbon dioxide emissions by at least 5 percent in the period 2008-2012 versus 1990. The 2012 Doha amendment extended the deadline by 2020.
Russia, Greece Agree to Cooperate on Energy
Russian President Vladimir Putin and Greek Prime Minister Alexis Tsipras confirmed their commitment to boost ties, including in energy, in a phone call on Friday, the Kremlin said. Putin also welcomed Tsipras' leftist party's victory in a recently held parliamentary election, the Kremlin added. (Reporting by Alexander Winning; writing by Vladimir Soldatkin)
Moscow Says Gas Talks with Ankara Slowed Due to Election in Turkey
Gas talks, including discussions about the proposed TurkStream pipeline, have slowed due to a forthcoming parliamentary election in Turkey, Kremlin spokesman Dmitry Peskov told reporters on Wednesday. He also said no deal had been reached during a visit by Turkish President Tayyip Erdogan to Moscow on Wednesday and his meeting with Russian President Vladimir Putin. "The gas business has been discussed ... The business has slowed due to parliamentary election in Turkey on Nov.
Ven's Maduro Pushes for OPEC, non-OPEC Meeting
Venezuelan President Nicolas Maduro said on Tuesday he would travel shortly to seek support for his push for a summit between OPEC and non-OPEC producers on lower oil prices. Maduro has lobbied for months for an emergency meeting and coordination with non-OPEC nations, but OPEC's Middle East producers have pledged to maintain high output in a fight to defend market share against rising competition.
Azerbaijan's SOCAR Expects Talks with Greece Over Gas Grid
Azerbaijan's state energy company SOCAR expects to resume talks over acquiring a stake in Greek gas grid operator DESFA in December, SOCAR's president said on Monday. The potential deal, which has been negotiated since 2013, would involve SOCAR buying a 66 percent stake in DESFA for around 400 million euros ($457 million) from the Greek state and Hellenic Petroleum. "We are waiting for results…
$70 Global Oil Price Needed - Venezuela's Maduro
The global price of oil, which has slid more than half in the last year, should be a minimum $70 per barrel in order for necessary petroleum investments to be maintained, Venezuela's President Nicolas Maduro said. OPEC member Venezuela relies on crude for more than 95 percent of revenues and is one of the worst-hit producers by the fall in prices from more than $100 a year ago. Brent futures were at $48.43 on Tuesday, while U.S. crude was at $45.05 a barrel.
Venezuela's Maduro pushes for OPEC heads of state summit
Venezuelan President Nicolas Maduro has suggested to the Emir of Qatar a summit for heads of state of OPEC countries to defend oil prices, an idea he said the leader of the Arab Gulf state "liked". "I made the proposal, he liked the idea, he said he was in agreement with the idea, and as president of our organization for summits he will make the necessary consultations," Maduro said in an interview with television channel Telesur on Saturday.
Venezuela's Maduro in Qatar to Push for "Solid" Oil Prices
Venezuelan president Nicolas Maduro arrived in fellow OPEC nation Qatar on Friday in an unannounced visit to push for action on oil prices. "The President of the Republic, Nicolas Maduro, arrived in Doha this Friday to continue his international tour and in favor of a solid price for oil," the Venezuelan state-run AVN news agency reported on its Web site, without providing further details. Cash…
Polish Government Pushes Saipem on LNG Projects
Polish treasury minister Andrzej Czerwinski said on Monday he would meet Italian construction firm Saipem next week to ensure a liquefied gas terminal on the Baltic Sea opens in 2015 after numerous delays. Saipem is leading the consortium building the terminal aimed at cutting Poland's dependence on Russian gas imports. After missing an originally planned completion data of 2014, the company said…
Financial Pressure Forces PDVSA to Embraces Pragmatism
CARACAS/HOUSTON, March 13 (Reuters) - A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA. For years, PDVSA employees were encouraged to wear red shirts in support of late President Hugo Chavez's socialist movement. Rafael Ramirez, the former oil czar famously vowed the state-owned firm would be "redder than red" and sent workers to state rallies.
Egypt: Oil Price Drop Will Not Hit Gulf Investments
Egypt does not expect Gulf Arab countries to reduce their investment in the country despite the fall in oil prices, as Cairo is of particular strategic importance for the region, Investment Minister Ashraf Salman said on Monday. Saudi Arabia, the United Arab Emirates and Kuwait, which backed the army's overthrow of elected Islamist president Mohamed Mursi in July 2013 and support President Abdel Fattah al-Sisi as a bulwark against the spread of political Islam in the region…
Energy Stock Slide Sends Europe Shares Lower
European equities turned negative on Wednesday, as a fresh fall in the price of Brent crude oil hit energy stocks. Brent sank 2.6 percent to around $65 a barrel and hit a five-year low on Wednesday as producers forecast lower demand for their oil next year. The STOXX Europe 600 Oil & Gas Index fell 1.3 percent to 279.48 points. Dutch oil services group Fugro slumped 12.2 percent. The broader pan…
Two Killed In Kosovo Power Plant Blast, Supplies Hit
A hydrogen tank exploded at Kosovo's second biggest power plant on Friday, killing two people and injuring 14, officials said. The 40-year-old Kosovo A plant, considered one of the worst polluters in Europe, was shut down following the blast that was heard in the capital, Pristina, some 10 km (6 miles) away. The explosion threatened electricity supplies in a country already plagued by blackouts. Power imports were increased to cover demand.
