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Ukraine to hike gas rates by up to 50pc to meet IMF loan demand KIEV: Ukraine agreed on Wednesday to drastically hike domestic gas prices by up to 50 percent in order to meet a key loan condition from the International Monetary Fund for the crisis-hit ex-Soviet state.The new Western-backed government in Kiev that came to power in the wake of last month's fall of a pro-Kremlin regime is seeking $15-20 billion (10.9-14.5 billion euros) in IMF assistance in order to balance its books and make maturing foreign loan payments.An IMF team was meeting with Prime Minister Arseniy Yatsenyuk in Kiev on Wednesday for what Ukrainian officials hope will be a final round of talks before the package is approved in Washington next month.The Fund has made an immediate end to Ukraine's costly gas subsidies one of its prime conditions for the programme's approval.It also wants the central bank to stop propping up the Ukrainian currency and for the government to cut down on ...
Brent oil rises above $107 on Nigerian supply cut LONDON: Brent crude oil edged higher above $107 per barrel on Wednesday as disruptions in supply from Nigeria and Libya supported prices, while promising data from top consumer the United States also boosted investor sentiment.U.S. crude rose more, moving back to near $100 a barrel after the U.S. Energy Information Administration reported the eighth straight weekly draw in oil stocks at the contract's delivery point in Cushing, Oklahoma.That 1.3 million barrel draw at Cushing was ...
UK energy firm SSE to split retail and wholesale arms LONDON: British utility SSE said on Wednesday it will split its wholesale and retail divisions by March 2015, and will freeze its household energy prices until at least January 2016."We're making sure our own house is in order for the future by streamlining and simplifying our business," said chief executive Alistair Phillips-Davies.The company, Britain's biggest electricity provider, said it would also sell assets and businesses to raise 1 billion pounds ($1.65 billion) to reduce debt.It ...
Shell declares 'force majeure' on Nigeria crude exports LAGOS: Anglo-Dutch oil giant Shell said Wednesday it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline. Shell's subsidiary in Nigeria said the force majeure was effective from Tuesday "due to ongoing repairs on the 48-inch crude export line at Forcados Terminal in the Western Niger Delta". "Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its ...
Rosneft repays $10.6bn in loans before time for TNK-BP takeover MOSCOW: Russia's Rosneft, the world's largest listed oil company by output, said on Tuesday it had repaid some $10.6 billion to international banks raised for its takeover of TNK-BP. Rosneft, headed by Igor Sechin, a close ally of President Vladimir Putin, said it paid back loans ahead of time in December-March. Rosneft paid $55 billion to buy TNK-BP, once Russia's third largest oil producer, partly using loans. Copyright Reuters, 2014 ...


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