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Ukraine suspends gas payments to Russia until talks conclude KIEV: Ukraine's state-run energy company Naftogaz has suspended gas payments to Russia until the conclusion of price talks, chief executive Andriy Kobolev was quoted as saying on Saturday.Russia, which last month angered Western powers by annexing Ukraine's Crimea peninsula, has raised the price it charges Kiev for gas and said it owes Moscow $2.2 billion in unpaid bills. It also says Kiev had failed to pay its bill on time.Russian gas giant Gazprom earlier this month increased gas price for Ukrainian consumers to $485 per 1,000 cubic meters (tcm) from $268 for the first quarter, saying Kiev was no longer eligible for previous discounts."The question of repayment of debt is directly linked to the maintenance of gas prices at the level of the first quarter," Kobolev told the Zerkalo Nedely weekly in an interview, referring to the original price of $268 per tcm."We see no reason to revise the price. ...
Billionaire Russian gas trader says US sanctions a badge of honour MOSCOW: Gennady Timchenko, the billionaire Russian gas trader hit with U.S. sanctions over his alleged ties with the Kremlin following Russia's annexation of Crimea, said being singled out by Washington was a badge of honour.But Timchenko, who sold his stake in oil trading firm Gunvor last month, acknowledged that the sanctions were slightly inconveniencing his business interests because some European banks were reluctant to deal with him."The fact that I was included in the list ...
Trade volumes on Polish gas exchange soar WARSAW: Poland's gas exchange reported a 435 percent annual rise in trade volume in the first quarter of the year, due to the growing number of market players, its chief executive, Ireneusz Lazor, told Parkiet daily in an interview on Saturday.Lazor said there were 26 active market players on the exchange, with four more waiting for their licences.Poland started the gas exchange at the end of 2012 to comply with European Union requirements for the ...
Russia's Timchenko looks east for new gas markets, scoffs at sanctions MOSCOW: Russia's No.2 gas producer Novatek is exploring with Chinese partners the option of selling them gas in exchange for yuan instead of dollars or euros, Novatek co-owner Gennady Timchenko told Russian television.Asked about dropping the dollar and euro for gas sales as part of the Kremlin's move to loosen ties with the West, Timchenko said: "We are already analysing the situation and are conducting negotiations with our counter-parties."We are ready for this. And it ...
Crude oil prices extend losses LONDON: Oil prices extended losses Friday on poorly-received economic data out of China this week that has raised concerns over potential weaker crude demand from the world's biggest consumer of energy.Growing expectations that Libyan oil will return to the market after rebels lifted a blockade of crude terminals also helped push prices lower, analysts said.The International Energy Agency, which advises countries on policy, meanwhile said Friday that the global oil market was returning to balance.However ...


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