09272016Tue
Last update: Tue, 27 Sep 2016 03am

Europe

Markets - Energy - Europe

Russia's Yamal LNG project on track and on budget, says Novatek VLADIVOSTOK: Russia's Yamal LNG project, to build the country's second gas liquefaction plant, is on track and on budget with Novatek and its partners having invested $18.5 billion so far, Novatek's CEO said. The first phase of the project, in which Novatek is in partnership with France's Total and China's CNPC and the Silk Road Fund, is due to start operation some time next year and Novatek's chief executive said it was 76 percent ready. Russia is the world's biggest producer of conventional gas after the United States but wants to increase its production of liquefied natural gas (LNG), which currently accounts for less than 5 percent of world output. Investment in the Yamal project, which will require $27 billion in total, was at risk after Novatek came under Western sanctions over Moscow's role in the Ukraine crisis, but the project has since secured funding from Chinese and Russian banks, ...

Markets - Energy - Europe

US gasoline stockpiles look manageable as summer ends: Kemp LONDON: US gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and exports. Stocks of gasoline and blending components stood at 232 million barrels near the end of August, down from a high of 259 million in February but well above the 214 million reported at the same point in 2015. Persistently high levels of gasoline ...

Markets - Energy - Europe

Oil bounces on Saudi-Russian pledge to steady prices LONDON: Oil rallied by up to five percent on Monday as top global producers Russia and Saudi Arabia vowed to stabilise the market after meeting at the G20 in China.Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak agreed to "act together" to steady the market, on the sidelines of the G20 summit in the eastern Chinese city of Hangzhou.In reaction, Brent North Sea crude leapt as high as $49.40 per barrel, and ...

Markets - Energy - Europe

Greece-Bulgaria gas pipeline expects binding bids for capacity use by end-Oct VARNA: The joint venture building the natural gas pipeline between Bulgaria and Greece is seeking binding bids for the use of the gas link by the end of October, its chief executive said on Monday.Interconnector Greece-Bulgaria (IGB), estimated to cost 220 million euros ($245.52 million), has received nine expressions of interest to transport gas through it for a total capacity of 4.3 billion of cubic meters. "We expect binding bids by the end of October. ...

Markets - Energy - Europe

Norway's Goliat oilfield to remain shut at least until Sept. 9: Eni OSLO: Production at energy firm Eni's Arctic Goliat oilfield will remain shut at least until Sept. 9, a spokesman for the company said on Monday. Output from the field has been shut since Aug. 26 when the Goliat rig was hit by a power failure. Andreas Wulff, the spokesman for Eni in Norway, said the company had submitted preliminary findings to the Petroleum Safety Authority (PSA) on Monday, but that further investigations were ongoing. Copyright ...