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Total pulls out of Russian gas project PARIS: Total said Wednesday it had pulled out of the Shtokman natural gas project in the Barents Sea, with development of one of the world's largest untouched gas fields apparently falling victim to Western sanctions in Russia."Total has passed to Gazprom its 25 percent share in Shtokman Development AG and expressed its interest to further cooperate on the project should it enter an active phase," the French energy company said, confirming a report in the Russian business daily Vedomosti.The project had been frozen for two years waiting for new technology to make it profitable, but Vedomosti said development solutions Total had recently proposed were prevented from moving forward by sanctions.The United States and European Union slapped sanctions on Russia last year over its role in the Ukraine crisis, targeting in particular the oil and gas sector where Russia needs Western technology to profitably access deposits in hostile climates.At 3.8 trillion ...
Oil prices rise ahead of US inventory data LONDON: Expectations of a decline in US crude inventories were pushing oil prices higher in European trading on Wednesday.London's benchmark Brent contract for delivery in August climbed 48 cents from Tuesday's close to $64.93 around 1000 GMT in trading on the Intercontinental Exchange (ICE).US benchmark West Texas Intermediate for August delivery climbed 45 cents at $61.64 a barrel in electronic trading on the New York Mercantile Exchange (Nymex). Analysts at Commerzbank said oil prices were ...
Oil falls to $63, ample supplies and Greece weigh LONDON: Oil fell to around $63 a barrel on Friday as concern over Greece and a forecast that US shale oil output would keep growing this year countered signs of a pickup in demand. Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk heading into the weekend. Euro zone leaders will hold an emergency summit on Monday to try to ...
Oil prices steady awaiting Iran supplies deal LONDON: Oil prices steadied Tuesday as traders eyed the possible return of Iranian crude to the global market with supplies already at high levels, analysts said.The market was responding also to movements in the euro against the dollar, and how that affects demand for dollar-denominated crude oil, awaiting a deal on Greece's bailout terms.Iran and major Western powers are racing to agree a deal by June 30 that would see Tehran open up its nuclear ...
Gazprom inks plan for new gas pipeline to Germany SAINT PETERSBURG: Russian gas giant Gazprom on Thursday agreed a plan with Shell, E.ON and OMV aimed at building a new gas pipeline to Germany, the companies said in a statement. In the memorandum of understanding, Germany's E.ON, Austria's OMV and Anglo-Dutch Shell would join up to construct the new route under the Baltic Sea from Russia with a capacity of 55 billion cubic metres per year, the statement said.The project -- for which no ...

 





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